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?
Anyone truly essential to your business. It can be a partner, an expert or a key salesperson, not just the founder.
Who gets the money?
The company, not the insured person. The point is to keep the business afloat.
Can I deduct it from my taxes?
Often yes, under certain conditions. Ask your accountant to confirm for your situation.
How much should I insure?
We start from the revenue tied to this person or the weight of their role. Lesto helps you set the right amount.
Ces garanties vont souvent ensemble
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Your program deserves to be calibrated to your reality.
One conversation is enough to identify your gaps and offer something better.