Is a Medical Required?
Full payment
If the key person is diagnosed with a specified critical illness, such asÂ
- Major Cancers
- Stroke
- Heart Attack
- Coronary artery by pass Surgery
a full payment can be claimed by the business. Â
Total Permanent Disability
If a key person is unable to carry out their role, due to injury or illness, a business can claim under a Total Permanent Disability option.
The claim will be assessed, based on the key person's ability to perform their own occupation or a number of work tasks
Additional payments
If the key person is diagnosed with a serious, but not critical, condition, a lower sum may be payable. Such conditions include:Â
- Less advanced or invasive cancers
- Partial loss of hearing
- Partial loss of sight
Please contact us, should you have a Key Person Insurance query
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What is 3 + 5 =
A medical may be required, subject to the key person’s age and state of health, along with the level of cover being applied for.Â
In most places in the UK, medicals can be carried out by a nurse in the following locations for your convenience:
- At the key person's workplace
- In the key person's home
In certain parts of the UK, it may not be possible to organise a nurse’s visit, in which case a medical can be booked at the key person’s GP surgery.
Which critical illnesses qualify for payment? Â
This assumes that a critical option has been taken up, as part of a Key Person policy.
Where do I go to attend a medical?
Key Person Insurance is designed to provide funding to a business for the following, in the event of a key person suffering a critical illness or dying prematurely:
- The recruitment and training of a replacementÂ
- Supplementing profit loss
- Replacing lost incomes, as a result of declining confidence of creditors and suppliers
- Replacing lost incomes, as a result of the potential loss of customers
Benefits of Key Person Insurance
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