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Keyman Life Insurance

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Key Person Insurance

One of the most important yet vastly undervalued by the majority of companies, especially SME's where key people are critical to that organisation's future success. Most business owners cover against fire, burglary and financial losses for many other reasons, but still too few have any cover in place for the loss of key people in the business.

Consider if your company was to lose one of its key people and how that would impact on you, other members of staff and your revenue. If a key person dies or becomes seriously ill and unable to work then there are a number of things to consider:

  • Cost of recruitment / training to replace that individual
  • Potential loss of income / profitability
  • Losing key accounts critical to the business
  • Added pressure / stress to other key staff in the business

How does it work?

The cover is taken out on the life of the key person and the policy is owned by the business (unlike Relevant Life). The premiums are paid by the business out of the company account and then proceeds can be allocated as the company requires, such as:

  • Cost of recruitment / replacement
  • Cover for loss of income and profit
  • Help to maintain cash flow in your business

How much cover do I need?

The level of cover should reflect the value of the individual to the business and the level of profitability they are responsible for. It is difficult to put a precise value on a person in your business, however, there are a number of ways to calculate this amount.

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