Insurance policies aren’t just for individuals, as they can also be taken out by businesses. Key person insurance is a popular example of this and is very popular with limited companies.
Insurance policies aren’t just for individuals, as they can also be taken out by businesses. Key person insurance is a popular example of this and is very popular with limited companies.
Key person insurance, also known as keyman insurance or business life insurance, protects a business from the financial impact of losing a critical individual. Typically, this individual is:
How it works:
The business takes out a life insurance policy on the key person. If that person dies or becomes critically ill and unable to work, the insurance company pays out a lump sum benefit to the business.
Imagine your business without a vital team member – a key player whose expertise and relationships drive your success. Now imagine the impact if they were suddenly no longer there due to illness, disability, or even death.
That’s where Key Person Insurance comes in. It’s a financial safety net that protects your business from the financial hardship caused by losing a critical employee.
A key person can be anyone whose absence would significantly impact your business, such as:
Investing in key person insurance is an investment in the future of your business. It demonstrates your commitment to protecting your valuable assets and ensuring smooth operation even in the face of unforeseen circumstances.
Contact SN Financial today! We can help you assess your needs and find a customised key person insurance solution that protects your business and your future success.
Information given during the application will form part of the legal relationship between you and the protection provider. If any information is omitted or found to be incorrect it may mean that a claim is not paid, or the policy is amended or cancelled.
Fill in the form below and our trusted advisers will be in touch to provide expert advice.
Based in Droitwich Spa, we’ve proudly supported clients of all ages since 2004. The opening of our second office in Sevenoaks allowed us to extend our bespoke financial services even further, making SN Financial a trusted financial adviser for individuals, couples, families and businesses across Worcestershire, Kent and the rest of the UK.
5 Saltway, Droitwich, Worcestershire, WR9 8LB 01905 779697
46 Holly Bush Lane, Sevenoaks, Kent, TN13 3TL 01732 926255
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Registered in England No. 04906363. Registered Office: 5 Saltway, Droitwich Spa, Worcestershire. WR9 8LB. SN Financial Services Ltd is Authorised and Regulated by the Financial Conduct Authority – FCA number 231014
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