Key Person Insurance

Protection for key individuals

Key person, otherwise insurance – also known as key person cover or key man insurance – covers against the core people within an organisation who, if lost, would cause financial loss for the business.

If the specified person dies or is diagnosed with a terminal illness, your key person insurance policy will pay out a cash lump sum that provides a buffer for your business, allowing it to recover – whether from lost income or loss of confidence.

We will offer advice and guidance on the amount and length of cover you need and help you find the right key person life insurance for your business.

Why do you need key person insurance?

Some employees are pivotal to the success of a business, from the skills they possess to the contacts they hold. So if they were to pass away or be diagnosed with a terminal or critical illness, your business could suffer financially – impacting long-term revenue and even contributing to your company failing.

And while some team members may seem irreplaceable, a key person insurance policy provides the financial support you need to enable you to get your business back on its feet and fill the gap your key employee left behind.

What will you get?

• Key person cover that pays out a cash sum if the person insured dies, meets the insurer’s terminal illness criteria, or suffers a specified illness such as a stroke, cancer or heart attack*
• A policy for each key person specified
• A contract owned by the business, so the business pays the premium and receives any benefits from a claim
• Peace of mind the loss of a key person won’t derail your organisation.

* if you’ve chosen additional Critical Illness Insurance