11 Purdeys Way Purdeys Way, Rochford, England, SS4 1ND
11 Purdeys Way Purdeys Way, Rochford, England, SS4 1ND
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Key person income protection insurance is a policy that provides replacement income to a business if a vital employee suffers an illness or injury that prevents them from working.
Some key things to know:
It complements disability income insurance owned by the individual employee. Business overhead costs differ from personal living expenses covered. This specialised policy is worth considering for businesses highly reliant on a few people generating significant revenues or expertise. Losing them can directly impact the bottom line.
Key Person Insurance is a vital form of business protection. It ensures your company remains financially secure if a team member unexpectedly dies or becomes critically ill. Your company can safeguard against the sudden loss of a key contributor, navigate challenging transitions smoothly and protect future growth with the help of Key Person Insurance.
You may also wish to take out relevant life Insurance for your employees. If an employee or director dies or develops a terminal illness, the insurance will pay out a lump sum to their beneficiary.
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Premiums can be paid on a monthly or annual basis. The premiums are normally tax deductible but may be counted as a benefit in kind. Read more about the taxation of key man insurance here.
Financial Protection: Losing a key employee or owner due to illness, injury, or disability can have a significant financial impact on a business. Key person income protection cover provides a financial safety net by helping to pay a monthly income to the company allowing the business to provide a wage to the person who is ill.
Business Continuity: Key individuals often play critical roles in the day-to-day operations, profitability, or success of a business. If a key person becomes unable to work due to a covered event, it can disrupt the business’s operations, relationships, and revenue generation. Key person income protection can help ensure business continuity by providing funds to hire and train a replacement, cover additional expenses, or weather the financial challenges that may arise during the absence of the key person.
Employee Retention and Recruitment: Offering key man income protection insurance as part of an employee benefits package can be attractive to key employees, as it provides them with financial protection in case of illness, injury, or disability. This can help with employee retention and recruitment efforts, as it demonstrates the business’s commitment to protecting key employees and their financial well-being.
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I had a great time working with My Key Man Insurance when I applied for the different insurances they offer. They were able to answer all of my questions quickly and effectively. I will recommend them to my friends and family.
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The standard of service was first class. They kept me up to date with progress on my Relevant Life Policy, followed up promptly following delays caused by my medical practice being slow in compiling reports, and responded instantly and clearly to any questions I had.
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There’s usually great flexibility in terms of how long a Key Person Income Protection policy can cover. Terms typically range between 5 and 20 years.
Cover can start within a range that covers the majority of working ages. The minimum age for cover is 18 while most policies will have a maximum starting age of 59. This will usually cover most key personnel throughout their working lives.
Most cover periods end when the person covered reaches the age of 70.
While all policies vary, typically a provider will refuse to pay out a claim under the following circumstances.
Always read your prospective provider’s terms and conditions before committing to a policy.
There are a few key reasons why key person income protection policies in the UK tend to have limited benefit payment terms rather than paying until retirement age:
The limited terms balance protection, cost, and flexibility for this unique business insurance need. Permanent benefits are not typical.
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