Group Pensions

Key Person Protection

Key Person Protection

Who is a Key Person

A key person is usually someone with a creative, technical or strategic skill that is vital to your business. It could be one of your directors, it could be you or it could simply be a member of your team who would be hard to replace if they died or had a critical illness..

What is key person protection?

KeyPerson protection is an assurance policy that is put into place to give life cover, critical illness cover or a combination of the two to pay out a lump sum in the event of a claim. The most suitable amount of cover and the term required is worked out on an individual basis and can be differing amounts for different individuals.

Life cover pays out a lump sum if the life insured dies.

Life and Critical Illness cover pays out a lump sum if the life insured either dies or is diagnosed with a specified critical illness.

How much Protection is needed?

The amount of protection required is calculated on an individual basis which we will help you calculate however the key considerations in coming to a definitive figure are:

How could this person’s loss affect my profits?

How much would it cost to recruit and train the right replacement?

How long would it take for your business to recover?