11 Purdeys Way, Rochford, England, SS4 1ND
11 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 Income Protection pays out a monthly income at the end of a deferred period if the person covered by the policy is unable to work in the event of an illness or injury.
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.
3 Simple Steps.
Submit the details of the key member of staff
We compare the quotes
and submit application to underwriting.
What people are saying about us.
Jody was very helpful in explaining the options and I thoroughly recommend his company
We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the most suitable we found too.
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.
Jody was very helpful in explaining the options and I thoroughly recommend his company
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.
We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the most suitable we found too.
Jody was very helpful in explaining the options and I thoroughly recommend his company
Key man insurance taxation rules have changed in 2024, affecting how businesses manage this important coverage. Here’s what you need to know about the latest updates.
Key man insurance is crucial for protecting your business from the unexpected loss of key personnel. Here are 5 reasons why every company should consider this essential cover.
Wondering how much cover your business needs? Our calculator makes it easy to find the right coverage for your key employees.
Aviva Relevant Life Insurance Review Request A Quote Today speak to one of our advisors or fill in our form to When it comes to Relevant Life Insurance…
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.
