Key Person Cover provides a vital financial safety net for businesses in the unfortunate event of losing a key individual. The permanent loss of a key person cover offers a lump sum payment, specifically designed to inject capital into the business, allowing you to successfully manage the transition and replace that crucial team member. This cover ensures business continuity if, during the policy period, a key person:

• Passes away
• Is diagnosed with a terminal illness
• Suffers a ‘Total Long Term Disability’
• The key person’s employment ends due to the death of the life assured

Losing a key individual in your business can lead to significant operational disruptions, loss of revenue, and challenges in maintaining client relationships. By securing key person insurance, you protect your business against these risks, ensuring you have the financial resources necessary to recruit, hire, and train a replacement, while also covering any potential revenue shortfalls during the transition.

As your business grows and evolves, you may find it necessary to bring additional key individuals into your organisation. With the optional future insurability feature, you can expand your key person cover without the need to submit new medical information for the newly insured individual. This flexible option allows you to adjust your coverage as your business expands, ensuring that you remain protected as your team and responsibilities grow.

Investing in key person insurance is an essential part of securing your business’s future, providing financial stability and peace of mind in the face of unforeseen events.