Permanent loss of a key person cover is a lump sum payment that is designed to provide a capital injection into the business so you can successfully replace a key person if during the cover period a key person:
- Dies
- Is diagnosed with a terminal illness
- Suffers a ‘Total Long Term Disability’
- The key person’s employment with the business ends as a result of the death of the life assured
If your business grows and you need to add a key person to your business plan, you can select the optional future insurability option, which means that you can increase your cover without having to provide any medical information about the new covered person.