Common Key Person Insurance questions.
Please contact us with your Key Man Insurance query
Simply enter your details below for us to help you.
By submitting information through this website, you have given your agreement to receive verbal contact from us to discuss your insurance requirements. You voluntarily choose to provide personal details to us via this website.
Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 2018. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.
By submitting this data, I am consenting to the use of my data in line with our Privacy Policy
Why is Keyman Insurance important?
Keyman Insurance is critical for the financial stability of a business, should the key person fall ill or die.
In the event of a claim, how would the insurance claim be paid?
A lump sum will be paid out and is designed to support the business financially, until a replacement for the key person is appointed.
Can we receive this as an income instead of a lump sum?
It is possible for a business to claim monthly payments, rather than a lump sum. This is through a Keyman Income Protection policy.
How long does it take to set up a Key Man policy?
Where the Key Man is below a certain age, in good health and is applying for a sum assured below a specified level, a policy could be applied for online. Cover could also start as soon as terms are accepted by the applicant.
What about cases where instant cover is not available?
A medical or GP report may be needed. Medicals normally are back within a week or two. GP reports normally take longer.
The Key Person Process
Working with HB Partners
1
2
An informal introductory conversation
Your protection experts will work with you to understand your business risks. We will then discuss with you who your key people are and the level of cover you need.
We will search the market for the ideal Key Person policy to suit your circumstances, whether it be Life Cover only, Life and Critical Illness or Income Protection.
Our Expert Recommendation
3
4
Discover the right Key Person cover for you
Our experts will calculate the amount of cover required, then compare the relevant providers that meet your needs. We will then discuss with you the options we recommend.
With your agreement, we will then proceed with an application. We will manage all paperwork and update you at every stage of the process, until completion.
Full Application
Key Person Insurance helps businesses to protect themselves against the financial loss that they could suffer from as a result of the death or critical illness of a key person within the company. A key person is typically:
What is 3 + 5 =
Meet the Team
WHAT IS THE COST OF KEYMAN INSURANCE
The cost of Keyman Insurance will depend upon the age, health and lifestyle of the key person. The term and amount of cover will also impact on cost.
WHO OWNS THE POLICY?
A Key Person Policy is owned by the business covering the key person. The company is also the beneficiary of any claim on the employee.
IS KEY MAN INSURANCE TAX DEDUCTIBLE?
Keyman Insurance is tax-deductible in most cases, provided that the key person does not have a significant holding in the business.
IS A MEDICAL REQUIRED?
A medical may be required, depending upon the age and health of the key person, along with the amount of cover. A medical will normally be required for a policy with a sum assured over £500,000.
Frequently Asked Questions
If you have a specific question, click the button below, and we will do our best to answer this for you.
Why use us?
We don’t sell. We listen objectively and identify financial risks which allow us to put in place the best insurance policy available.
We have over 25 years' experience in the mortgage industry, offering a wealth of knowledge and the highest standards of professionalism.
We have access to technical insurance portals to analyse the best providers and policies across the whole of the market.
We provide expert professional advice to homeowners and first time buyers on mortgages, remortgages and buy to lets.
Where necessary, we have direct access to senior underwriters in some of the biggest insurance providers in the UK.
We are qualified to advise you on your equity release requirements.
Related to Keyman Insurance
What our clients say
Mark Culham
Adviser & Co-Founder
Steve Jascourt
Adviser & Co-Founder
"I get satisfaction about having ‘real’ conversations with people about why having the right cover in place is so important. I also take a lot of comfort from knowing that our clients are covered should the worst happen."
“Arranging mortgages for my clients impacts positively on their lives, and gives me immense job satisfaction. When a client returns for repeat business, or refers family and friends to me, I know that I have done a great job.”
