Keyman Insurance is a way for a Business to insure its key people against death or illness that might prevent them from working.
It can be used to cover the risks of:-
- Death of key member of staff in your business
- Critical Illness of key staff - to cover losses arising in a prolonged period of absence
- Death of a significant shareholder
The benefits are:-
- It links life Insurance cover with income protection or critical illness cover
- It provides a cost-effective form of life cover
Keyman Insurance can be used :-
- To protect profits due to loss of income or business interruption
- To buy shares from a deceased shareholder's estate
- To pay back capital or Director's loans
- To discharge other Business debt
- To insure guaranteed business loans or banking facilities
- To help pay the costs of recruiting new staff
- To cover the cost of any reorganisation
- Cover the payoff of outstanding finance
Keyman insurance does not match the actual losses incurred but aims to provide general compensation with a fixed sum.
Please contact us to discuss how our Investment Management team can help you.
