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Keyperson Cover

Keyperson Cover

Keyperson cover is designed to help protect the business in the event of death or severe illness of one or more key employees.


Who is covered?

The policy is taken out by the business on the life of the individual. A keyperson is an employee or individual whose skills, knowledge, experience or leadership are important to the success and continuity of the business. If the key person were to die or suffer from a severe illness during the policy term, the policy pays out a lump sum for any loss in your revenue or profits, helping to keep your business on track.


Who benefits?

The benefits are paid out to the business, and are commonly used to repay loans, replace lost profits, cover the cost of recruiting a replacement of the key person.


How does it work?

We offer a range of income protection solutions, so you can choose the cover that meets your individual needs. Terms and conditions will apply and cover options will depend on your specific circumstances. Please contact us for an initial discussion of your requirements


Assessing the need for keyperson cover

  • Who is responsible for the key business functions?
  • If a specific individual were absent due to illness or death, how would this impact business continuity?
  • What would the cost of hiring a replacement be?
  • What impact would the loss of a keyperson have on:
    • Company finances
    • Customer and clients
    • Trade creditors
    • Director loans
    • Competitors