Keyperson Insurance
A Keyperson is anyone who the company depends on for its continued success.
Keyperson Insurance is a life-insurance solution to financially compensate a company for the loss of a director, shareholder or a key member of staff due to sudden death or serious illness.
It can mean that a company can continue to operate without being financially worse off due to an untimely death of a keyperson.
Keyperson Insurance
Features:
- The employer of the Keyperson(s) pays the policy premiums and, in turn, the company receives a lump sum payment on the death of the individual insured under the policy
- Your company can use the proceeds to pay off outstanding bank loans or any loans made by the individual to the company; recruit and train a suitable replacement; invest back into the business for improvement purposes; protect the company against loss of profit
- Keyperson Insurance makes it possible for the remaining directors to buy the shares from the Keyperson's/Shareholders family, which could be the best option for all concerned
- You can take out Keyperson Insurance at any stage of your company's lifetime
- You will pay a premium on a regular basis, based on the cover that is required
- In some cases, the individual to be insured may also be required to attend a medical examination.
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