Why Get Keyman Insurance?
- Protect against unfortunate event of a key person
- Improve your company’s creditworthiness
- Guarantee loan repayment in case of unfortunate event
- Boost employee morale
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Why do I need Keyman Insurance?
Keyman Insurance is a critical illness or life assurance policy which is taken out to cover the life on the person that is considered to be key within the business. In a small business, this is usually the founders or owner, but can include anyone who plays a critical role in the business and whose absence could challenge its sustainability.
- How it Works - The insurance is taken out on a person within the company. The company pays the premiums and is the beneficiary of the policy. If that person dies or falls critically ill, the company receives an insurance payout to help deal with the financial fallout.
The benefit can be used to address risks such as loss of profits, the need to recruit a replacement, pay off debts, distribute money to investors, and in more severe cases, pay severance to employees and avoid bankruptcy. - Who can take out a Policy - A Keyman Policy can be taken out by a ltd company, or by sole traders as a “life of another” policy, however in this case the person taking out the insurance must have a financial association with the life being insured.
- Does this Require a Medical - This depends on a number of factors including age, the amount of cover you would like and past health. Sometimes a medical is triggered when the amount is above £500,000 but this is not always the case.
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Excellent service in choosing the right product. The advisor was very patient and very helpful in sorting out the right plan for me.
Jason B,London
My advisor provided options, gave honest advice about the different companies and the pros and cons of the various products that helped me to make an educated decision. Thank you.
Anonymous,Glasgow
I found the staff at ‘Find Me Keyman Insurance’ professional and helpful, they were mindful of my requirements throughout the process whilst reducing the hassle I would normally associate with business insurance!
S. Williams,Whitecastle