Key Person Insurance

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Life, Income Protection &
Critical Illness Cover
Worldwide
cover options

What is Key Person Insurance?

Speak to a specialist today about protecting your business against the impact of critical illness, terminal illness or death of your company’s key employees with Key Person Insurance.

Key Person Insurance (also known as Key Man Insurance) is a special type of insurance that aims to protect a business from the loss of a key person in the business who becomes unable to work due to a critical illness, a terminal illness or has passed away during the duration of the policy.

This type of cover also provides stakeholders with the confidence that the business has systems in place and can continue to trade even in the event of losing a key person.

Why do I need Key Person Insurance?

If your company heavily depends on the contribution of a select few individuals, Key Person Insurance provides a solution to help support your business in the event of the death or critical illness of a key individual. It offers a vital financial resource when it’s most needed.

Who is considered a Key Person?

You know your business best and a key person could be anyone who is crucial to the day-to-day running of your company. This may be a Director, employee or someone whose skill, expertise, knowledge and experience affects sales or revenue.

You may also want to consider if any loans or financial commitments depend on key individuals or whether their absence would impact on future plans.

What does Key Person Insurance cover?

Key Person Insurance aims to aid a business in its continuity. This type of cover allows you to help protect your business in the situation that you lose a key employee, whose death or illness would have a major impact on the financial position of your business.

Why should I consider Key Person Insurance?

Whilst it is not nice to consider the worst-case scenario happening to a key employee it is something that businesses have to consider in their planning process. The unfortunate reality is that losing a key person in your business could have a severe impact. You may want to consider the effects on the workload of the remaining staff and the effects on sales and profits.

This type of cover is one way to help protect your business from problems arising from the death, terminal or critical illness of a key person. This money could help the business to recover, for example, help with finding and hiring a replacement.

Speak to us today about Key Person Insurance

Speak to an Insurance specialist today at Sports Financial Services for unbiased guidance on selecting the optimal Key Person Insurance based on your needs.

In addition, you can also chat about other covers for other aspects of life and business including:

  • Relevant Life Cover
  • Shareholder Protection
  • Partnership Protection
  • Business Loan Protection
  • Life Insurance
  • Mortgage Protection
  • Income Protection
  • Critical Illness Cover

Call us to discuss Key Person Insurance at 0345 565 0935, or complete our quick online contact form.