Key Person Insurance
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.
What is key person insurance?
Key person insurance is designed for companies, as it covers the life of an owner, top executive or anyone else who is considered a “key person” within the business and its operational structure. The company pays the monthly premiums and is also the beneficiary, which means that it will receive a pay-out should the key person in question die.
What take out key person insurance?
The role of key person insurance is to cover costs or prevent cash flow problems that may arise if an individual who is critical to the smooth running of a business should suddenly die. The pay-out provides the company with a financial cushion and gives it time to either employ a replacement or restructure the business.
Can anyone be considered a key person?
The key person is usually a company founder, an owner or a C-level executive. However, the primary factory is that they are integral to the company’s financial welfare and their death would cause significant disruption to operations.
Ask us about key person insurance
We’re here to help businesses protect their futures through key person insurance and other financial protection products. To find out more, get in touch with our dedicated financial advisers today.
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Key Person Insurance in Worcestershire and Kent
Droitwich Office
5 Saltway, Droitwich, Worcestershire, WR9 8LB 01905 779697
Sevenoaks Office
46 Holly Bush Lane, Sevenoaks, Kent, TN13 3TL 01732 926255
