Who owns the policy?
Who owns the policy?
Key People
In 2019, 96% of UK businesses employed less than 10 people *, but every business will have key people.
* Source: House of Commons Library
Key People
In 2019, 96% of UK businesses employed less than 10 people *, but every business will have key people.
* Source: House of Commons Library
How vulnerable is your Business?
There are long and short-term effects on a business, brought on by the loss of a key person. For example, in the short-term, there may be an impact upon relationships with creditors and suppliers. In the longer term, the business may cease to trade.
How vulnerable is your Business?
There are long and short-term effects on a business, brought on by the loss of a key person. For example, in the short-term, there may be an impact upon relationships with creditors and suppliers. In the longer term, the business may cease to trade.
Business Survival Rates
In 2018,
381,000 businesses opened
but 336,000 closed **.
​
** Source: House of Commons Library
Business Survival Rates
In 2018,
381,000 businesses opened
but 336,000 closed **.
​
** Source: House of Commons Library
Please contact us with your Key Person Insurance query
Please contact us with your Key Person 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.
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
By submitting this data, I am consenting to the use of my data in line with our Privacy Policy
What is 3 + 5 =
What is 3 + 5 =
The company takes out and owns the policy to cover a key person. The company is also the beneficiary of any claim on the employee.
The company takes out and owns the policy to cover a key person. The company is also the beneficiary of any claim on the employee.
- The policy provides a safety net of a lump sum, should a key person die or suffer a critical illness during the policy term.
- As the business deals with the loss of the key person, this type of insurance is designed to help a company to continue trading.
- The proceeds of the Key Person Insurance policy are paid directly to the company, thereby protecting the business, its employees and its shareholders.
- The policy provides a safety net of a lump sum, should a key person die or suffer a critical illness during the policy term.
- As the business deals with the loss of the key person, this type of insurance is designed to help a company to continue trading.
- The proceeds of the Key Person Insurance policy are paid directly to the company, thereby protecting the business, its employees and its shareholders.
What you may wish to consider
What you may wish to consider
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 replacement
- Supplementing profit loss
- Replacing lost income, as a result of declining confidence of creditors and suppliers
- Replacing lost income, as a result of the potential loss of customers
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 replacement
- Supplementing profit loss
- Replacing lost income, as a result of declining confidence of creditors and suppliers
- Replacing lost income, as a result of the potential loss of customers
Benefits of Key Person Insurance
Benefits of Key Person Insurance
Home > Keyman Insurance > Who owns the policy
Home > Keyman Insurance > Who owns the policy
