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ExcellentClient Reviews

We're rated 5 stars by trustpilot.com based on 92 client reviews

Example Insurance Companies
Example Insurance Companies 2

Our customers love us!

Our customers love us!

5 Star

Fantastic!

The quotes we received were also much cheaper than anywhere else along with fantastic service and advice.

S Irawais S Irawais

5 Star

Wonderful!!

We were really happy with the service received from MyKeyManInsurance. Information was clearly explained and it was a pleasure to deal with them.

A Tahirone A Tahirone

5 Star

Good all round service!

We were very pleased with the advice and service we received from Jody. Everything was made easy to understand and we were very pleased with the process. We will be using again in the near future.

Jack M Jack M

5 Star

Fantastic Service!

We had a great service from the guys at Mykeymaninsurance. We would recommend them without hesitation for any business protection services.

A Mohammed A Mohammed

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Get The Best Price

Get The Best Price

We give away more commission to get you the best deal. See if you can get the same cover cheaper!

Whole of Market Brokers

Whole of Market Brokers

We are able to compare all the top UK brands giving you the widest choice of available UK insurers.

You Deal With Us Directly

You Deal With Us Directly

We do not sell your information as a lead. We are signed up to the data protection act and you deal only with us.

Over £300 Million in 2015

Over £300 Million in 2015

We have helped 1000s of UK company's arrange their keyman insurance and secured £300 Million worth of cover in 2015.

Qualified Advisors

Qualified Advisors

All our advisors are qualified and abide by the rules set by the Financial Conduct Authority. We are experts in key man insurance!

Reasons For Key Man Insurance

Success within a business is always down to the people running it. One of the main reasons in the UK for companies running into financial difficulties is when a key person is off long term sick or dies.

Recent studies have shown:

  • 95% of UK companies have at least one key person.
  • 40% of businesses would cease trading in under a year if a key person dies or become critically ill.
  • 46% of new businesses (established within 2 years) would cease trading immediately if a key person died.

When running a company most owners focus on the day to day jobs and the growth of their company without considering the "what ifs". Of course its a type of insurance that nobody really wants to think about and hopefully would never need. But if the worst case scenario becomes a reality, having key person insurance could be the best decision you ever make. Your company is the thing that provides for your family and gives you the lifestyle that you wanted. Why risk that? Get a key man insurance quote and get covered today!

What Is Key Man Insurance ?

Key man insurance is a policy taken out by a company on a key individual within that business. Normally this person would be of high value to the company and would be responsible for a good amount of the profits. The insurance is designed to pay out a lump sum of money to the business in the event of death or critical illness of the life assured. This money can then be used to help keep the company running covering the loss of profits. The key man insurance cost will depend on their age, sum assured, smoker status and term of the policy. Feel free to use our key man insurance calculator to work out the sum assured you may need.

The Process?

Fill in our enquiry formGo here to do this and fill it out the best you can or give us a call us on
0207 112 8844

Advice – We briefly discuss the needs of your company and help you to decide on the type of cover and how much you need.

Get a quote – We search the whole of market and compare quote’s from all the UK provides to find you the best deal!

Health Questionnaire – Once figures are agreed we would arrange to run through a 10/15 minute health questionnaire over the phone.

Underwriting – The health questionnaire is assessed by the underwriter which can sometimes include a medical.

Terms Issued – Once underwriting is complete we will be issued with terms which is when we can start the policy.

Start the policy – Once the policy is started you are covered and will begin to make monthly or annual payments.

Note: You don’t pay any money until you are happy with the terms and start the policy

What Does It Pay Out For?

Life Only Policy – A claim is paid out when the life assured dies during the term of the policy. For example many companies will not pay out on suicide within the first 12 months of a policy. A life only policy will often include terminal illness. This means it will pay out if the life assured is diagnosed as terminally ill. Terminal illness will often not be valid within the last 12 months of the term of cover.

Life & Critical Illness – Like above this will pay out on death or terminal illness, but will also pay out on diagnosis of a critical illness, as long as the diagnosis meets the definitions within the policy terms and is diagnosed within the term of the policy. For example a minor skin cancer may not reach the terms of a definition and would possibly have to be more serious before a claim would be valid. It is possible to take out a critical illness policy without life cover however this is quite unusual.

Key Man Income Protection – This will pay out a monthly sum of money to the company in the event of the key person is unable to carry out the own occupation due to illness or injury.

When it comes to critical illness there are quite a few differences between providers. Some will be more difficult to make claims than others which is why its worth having an in depth conversation with a qualified broker. We can provide you with easy to use comparisons to help you compare and make the decision. The cheapest its not always the best deal!

Who Are My Key People?

Anyone in your company could be a valid person to insure. Often the amount of cover is calculated on the rough estimate of the profits a person brings to the company and the loss that would occur without them. But of course everyone in the company in linked one way or another to a companies profitability. It could be the office manager who’s integral for the day to day running of the business. It could be the web developer whom without their know-how the companies main shop window could go down. Often a key person will be the brains behind the operation. So for example someone who knows the design mechanics or engineering details of a companies main product. Maybe the creator of the intellectual property, the invention, discovery or design. Many of the people we insure will be directors and managers, but as far as the underwriter is concerned as long as there is an insurable interest, then its reasonable for that person to be considered for key man insurance.

Key Man Insurance Tax Treatment

The company owns the policy and pays for the premiums. These premiums are tax deductible. In the event of a successful claim a tax free lump sum of money is paid to the company. Please go here for a more in depth details on accounting for key man life insurance.

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Our years of experience along with whole of market access put us above anyone else when it comes to business protection. We aspire to be the best at what we do, giving our customers sound advice and an excellent service

Jody Pearmain - Director - mykeymaninsurance.com

Jody Pearmain - Director - mykeymaninsurance.com

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