Key person insurance

We arrange ‘key man’ insurance (life, critical illness & income protection) to support your business if an important member dies or becomes critically ill.

Protect your business by protecting your most important people

Key person insurance is taken out by the business but on the life of an individual. Any sums payable come back to the business – not to the individual’s family, and not to any creditors. This type of cover helps businesses to cope if an important member is lost through death or critical illness. The pay-out can help a business to shore up losses, manage cash flow, recruit a replacement, pay off a loan, etc.

We offer 3 types of key person insurance, as detailed below. As an independent broker, we’ll go to the market to find the right insurer and the right key man policy for you, at the right price. Terms & conditions will vary, according to the insurer, but we’ll discuss your best options with you. Please contact us for an initial, no-obligation chat.

Fixed-term life insurance for key persons

  • A fixed lump sum is paid in the event of the key person’s death
  • The policy term is fixed (usually 5 or 10 years)
  • The premium is also fixed throughout the term of the policy
  • You'l agree the sum assured at the start of the policy

Life with critical illness insurance for key persons

  • A lump sum is paid if the individual dies or is diagnosed with a serious illness (such as cancer or a heart attack)
  • The policy term is fixed (usually 5 or 10 years)
  • You’ll agree the sum assured at the start of the policy

Income protection for key persons

  • A monthly income is paid if the key person is unable to work due to illness or disability
  • This cover will continue to be paid until the key person can return to work, or the benefit term ends.
  • The monthly income payments can be fixed, or index-linked to increase by a fixed percentage each year
  • Payments are deferred for a pre-agreed period; during this time, you’ll be expected to cover your loss of income from other sources.