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.