KEY PERSON INCOME PROTECTION
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What Is Key Man Income Protection
Key man income protection insurance, also known as key person income protection is a company owned policy which protects against the financial impact of losing an employee through illness or injury.
Unlike normal key person insurance, it pays out a monthly income to the company to help cover the costs of the key person’s wage and to help meet the cost of a temporary replacement.
Key Person Income Protection FAQ
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.
- If incapacity is incurred as the result of intentional self-inflicted injury.
- It’s the result of circumstances not included in the cover summary.
- The person covered doesn’t meet the provider’s definition of incapacitated
- If medical or other evidence is not provided when requested by the provider.
Always read your prospective provider’s terms and conditions before committing to a policy.
It’s always essential to make an informed decision when choosing any form of protection for your business. If you need further advice we’d be delighted to discuss how our Key Person Income Protection can aid your operation and advise on the right cover for you. Call us today on 02071128844
Key Man Insurance UK Taxation Guide (Updated 2023)
Check out our detailed guide on the taxation of key person insurance. We look at how to set up your policy in the most tax efficient way and to make sure your premiums are tax deductable.
Key Man Insurance Guide & Quotes
All you need to know about key man insurance which pays a lump sum in the event of death or critical illness.
Key Person Insurance Calculator
Work out how much money you can save with our key person insurance calculator.
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