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
How vulnerable is your Business?Â
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,Â
381,000 businesses openedÂ
but 336,000 closed **.
​
** Source: House of Commons Library
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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.Â
- The policy provides a safety net of a lump sum, should a key person die or suffer a critical illness during the policy term.Â
- As the business deals with the loss of the key person, this type of insurance is designed to help a company to continue trading.Â
- 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
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:Â
- The recruitment and training of a replacementÂ
- 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
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