Life - Corporate
Keyman Insurance (Key Person Cover)
Protect your business from the financial impact of losing a vital employee.
Get a Personalised QuotePlan Overview
Keyman Insurance is a crucial safety net for any business that relies on one or more key individuals for its success. It is a life insurance policy taken out by the business on the life of a key employee. If that person passes away or suffers a critical illness (if included), the policy pays a lump sum to the business, providing the capital needed to navigate the disruption, recruit a replacement, and maintain stability.
Key Features
- Lump-sum payout made directly to the business
- Can cover for death and/or critical illness
- Premiums are typically an allowable business expense
- Policy is owned and paid for by the company
- Cover amount calculated based on profit or recruitment costs
Primary Benefits
- Business Continuity: Provides funds to manage operations during a difficult transition.
- Debt Repayment: Can be used to repay business loans or other financial commitments.
- Recruitment Costs: Covers the expense of finding and training a high-caliber replacement.
- Reassures Lenders & Investors: Demonstrates a robust contingency plan.
Is This Plan Right For You?
Any business, from startups to established firms, where the loss of a specific director, founder, or senior employee would have a significant negative financial impact on the company's profitability or stability.