Keyman (or should that be keyperson) Insurance is designed to protect a business.
It can take the form of life insurance, critical illness insurance and income protection, or a multiple of all three.
We specialise in helping people who have had an application declined, postponed or refused.
We can also help if you are in perfect health too!!
Keyman insurance is really a specific use of a policy, rather than a specific policy type.
The aim of this type of insurance is to allow a business to continue trading or operating if the "key" man is unable to work for the business due to either death or illness.
Depending on the keyperson and the role they perform, you may need to consider the types of insurance that you want or need. Are your profits at serious risk if a certain employee is unable to perform their role? Is somebody's role so vital to the business that it would take a while to train a replacement?
These are just some of the reasons to consider keyman insurance.
Even the smallest company may have employees or directors who are vital to the long term success of the business.
Who would be a keyperson in your business ?
Technical staff or product design people who understand your products or services
Sales managers who maintain and grow key contracts
Business innovators and entrepreneurs
You can use the benefit that the policy would pay out in a number of ways:
To employ and train a replacement
To underwrite projected profits
To buy the keyman's shares (see shareholders' agreements below)
Share Holders' Agreements