Key Person Insurance
If the partner you cannot do without is suddenly gone, the business wobbles. Key Person Insurance pays money to the company so it can absorb the shock.
What it covers
A long absence
The key person can no longer work after an accident or illness. The company receives a lump sum to absorb the blow.
Death
The key person dies. The company gets a sum to face the immediate fallout.
Lost revenue
Without this person, sales drop. The insurer makes up the gap while you bounce back.
The cost of replacing them
Finding and hiring the right person takes time and money. Those costs are covered.
What it does not cover
- If you hide a known illness when you sign up, the insurer can refuse to pay.
- If the person causes the loss themselves, nothing is paid.
- If a risk was ruled out by the medical form, it stays excluded.
Who is it for?
You rely on two or three people
If one of you leaves, the whole business can grind to a stop.
You have investors or a bank
They sometimes ask for this cover to protect their money.
You have a profile that is hard to replace fast
A technical expert or a key salesperson is not replaced in a month.
Frequently asked questions
Who can I insure?
Who gets the money?
Can I deduct it from my taxes?
How much should I insure?
These coverages often go together
Group Provident Insurance
When an employee falls seriously ill, their pay drops and they count on you. Group provident insurance takes over.
Directors & Officers (D&O)
A decision you make for your company goes wrong, and people come after your personal money. D&O keeps your assets out of reach.
Recommended for these sectors
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