Key Person Protection
Do you have someone that is crucial to the performance or profitability of your business?
- A top Sales producer?
- A computer guru?
- A designer or creative talent that can’t be replaced?
Key Person Protection can protect your business should this Key Person die, or suffer a critical illness.
What is Key Person Protection?
Put simply, Key Person Protection is a business insuring itself against the financial loss it would suffer if a key person in their business died, during the length of the policy. It also pays out if the key person is terminally ill.
Why do I need Key Person Protection?
The loss of a key person in your business could have a severe impact. The business could suffer badly, with sales and profits falling and increased workloads for the remaining staff.
Key Person Protection is designed to pay out a lump sum on the death of the insured key person, during the length of the policy. It is paid as a lump sum and could significantly help the business to recover.
How does Key Person Protection Work?
Key Person Protection is a life assurance or life assurance and critical illness cover policy taken out to cover the life of a key person within your business. The policy is owned and paid for by the employer, so any payout goes directly to the employer.