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What is keyman insurance?

Also known as key person insurance, this type of cover protects your business financially if a key worker passes away.

A key worker can be defined as anyone who is necessary to the everyday running of the company, such as the business owner, founder or an employee that you simply can’t do without.

Keyman insurance is available in two forms:

  • Life insurance only

If a key person dies or becomes terminally ill (life expectancy of less than 12 months) during the policy term, then the policy pays out a lump sum to the business

  • Life insurance and critical illness cover

Critical illness cover can be added to the policy, enabling the plan to pay out if a key person becomes critically ill, such as a heart attack, cancer or stroke listed in the policy conditions

FREQUENTLY ASKED QUESTIONS

How does keyman insurance work?

Keyman insurance provides security to a business should a key person exit the business through death or critical illness. The pay out can be used for a variety of purposes, including:

  • Providing a buffer against loss of profits
  • Paying for the recruitment and training of a replacement
  • Repaying outstanding loans
  • Making up a for a loss of contacts
  • Winding the company down in an orderly fashion

Get in touch today and we will search the UK’s leading insurers to find the right policy for you at the right price.

Why do I need keyman insurance?

According to the Office for National Statistics, there were 2.7 million enterprises in the UK in 2019, with 89.5% of these having fewer than ten staff. Small companies are especially susceptible to the loss of key staff, and so if this applies to your company then you should consider how you’d cope if you lost a key colleague. Get a free quote today and protect your business from the unexpected.

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That’s Life is a registered Trading Name of Candid Insurance Services Ltd. Candid Insurance Services Ltd is registered in England and Wales, company number 07279489. Registered Office: 920 Hempton Court, Aztec West, West Almondsbury, Bristol, BS32 4SR, United Kingdom. Candid Insurance Services Ltd is Authorised and Regulated by the Financial Conduct Authority and is entered on the Financial Services Register under number 603273. Licensed by the Information Commissioners Office Registration Number Z3488836. VAT: 160484711.