Which directors and employees are essential to the profitability of your business?
Could your business run effectively if the most important members of your team suddenly stopped working?
Key person protection pays out a lump sum if a key person becomes unable to work through death or ill health.
Speak to an Assured Life adviser today to find out how key person protection will help you.
Every company relies upon certain directors and employees to make it successful. These people are severely missed if they are no longer able to work.
Key protection insurance is a way of resolving this problem. A tax-free lump sum is paid out on death or critical illness of the person named in the policy.
This money comes into the business and pays for the additional expense of replacing your team member while still providing an income for the key person.
The policy premium is paid for and owned by the business. It provides the funds that may be lost when the key person leaves the business.
The losses could be severe: sales, contracts, revenue, cashflow and profits are at risk.
Meanwhile, extra funds would be needed to recruit, train and provide a salary for the replacement person.
This insurance gives you the peace of mind that your business will continue to operate profitably if a key person dies or suffers a serious illness.
The first step is to identify the key people in your business: the technical and industry specialists, the shareholding directors and those who bring in the revenue.
Next, we discuss with you the actions needed if a key person suddenly stopped working. In deciding how much cover to put in place, we look at the value this person brings to the business and how much profit this person generates.
An Assured Life Adviser will visit you to explain everything in full and help you to select the insurance which meets your needs exactly.
Each insurance company will have its own claims processes, which will be clearly signposted throughout your policy documentation. Assured Life Advisers will happily help you if we are able to do so, should you require assistance at all.
Call an Assured Life Adviser today to find out how to safeguard your business using key person protection.