Top Keyman Insurance or Key Person Insurance Advice & Deals
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From the information you provide to us, our experts will search the market and find the most suitable products for you. If you are happy with the product on offer, we will handle all the necessary paperwork for you, including any relevant applications, to ensure that everything runs smoothly for you.
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What is Keyman Insurance or Key Person Insurance?
Keyman Insurance or Key Person Insurance as it is also known, is a life insurance policy taken out by a business. It is used to protect it in case it lost any of the key people within it. This is used in order to protect the business if anything were to happen to the most important people involved within it. It is extremely important to small and medium sized businesses.
This is used if the owner or a key employee were to die, suffer a serious illness or injury. This insurance would pay out the lump sum laid out within the contract. It is usually only taken out on the most critical employees within the business. This money is then used to keep the company running and paying it’s expenses until that key person can then be replaced or returns.
In some cases without this Keyman insurance then if a key employee were to die then it could ruin the company. This is because the owner is normally the person who holds the business together. Either through the accounts or the employees, especially in a small business with few employees.
You can get various amounts of cover depending on the importance of the employee or the size of the business. The amounts range from £100,000 to £1m plus.
However, if you are a sole trader there is often no need to take out this type of insurance. If the business is owned by a sole person and if that person was unable to work, in theory, it is then just a matter of closing the business down. However, it would still be advisable to consider Key Person insurance even in this instance. This is due to the impact it could potentially have on any surviving family members. This will be due to there reliance on the income from the business. It could also be important to make sure any personal guarantees that may have been taken out are catered for.
There are many different options and scenarios regarding this. This is why we’d recommend talking through your individual circumstances with one of our highly trained advisers.
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Choosing a financial product or service, such as a mortgage, remortgage, loan or insurance can be daunting and your choice is a decision you need to get right. For this reason, it is vital that you get impartial advice from competent and qualified advisors. Whether you are a first-time buyer, looking to remortgage, hoping to remortgage or even buy a property to let, needing a loan or insurance this is where our advisers excel.
Be reassured that our aim is to guarantee reliable financial advice appropriate to any individual that makes contact with us. Through our network of contacts, we have access to thousands of financial products, from mortgages to loans to insurance, so we are confident that we’ll find one to suit you.
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I would highly recommend the mortgage advice service Alice Hale was amazing throughout she is a credit to your organisation and helped us secure our dream home
We had a long journey buying our first home together and recent pandemic events didn’t help matters. Every step of the way, our advisor Steve was supportive, positive and we had every confidence in him. He was able to arrange a good deal for us and we were able to move into our dream house this autumn.
I used George from the finance advice centre to get my mortgage, and he was nothing but amazing! Talked me through every step, always easy to get hold of ! And got me a brilliant product I would highly recommend him, just brilliant 5 stars from me
What a Fantastic Service from start to finish. Great customer support from Ben Patten & Joe Frayne, superb product knowledge and exceptionally responsive to emails/calls, we can 100% recommend the Finance Advice Centre Ltd , they got us a great deal on a mortgage with suited life insurance, especially during this very difficult Covid 19 time ……
From start to finish, Greig and Emily were very helpful with our mortgage application. The advice Greig gave us was very clear and informed. They were always available either by phone or email to answer any questions we had. The whole process was made a lot easier because of the work they did. Would thoroughly recommend
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