Key Person Cover
At Your Insurance Room, we are committed to providing our clients with comprehensive and tailored business insurance solutions. Making sense of the multitude of business insurance options can be a daunting task, but our team are here to assist you in making informed decisions that best suit your business needs.
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Key Person Cover is a type of business insurance that provides financial protection to a company in the event of the death or critical illness of a key individual. This key person is typically someone whose skills, knowledge, or leadership is crucial to the success and continued operations of the business. Key Person Cover is usually a policy held by the business; however some sole-traders or self-employed individuals can be both the policy holder and the person insured depending on the structure of their business.
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Below we outline different types of Key Person Cover:
Key Person Life Insurance
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This policy acts as a financial safeguard in the unfortunate event of the death of a key person – an individual whose skills, knowledge, or leadership is pivotal to your company's success.
Upon the death of the key person, the policy provides a lump-sum payout to your business. This payout serves as a versatile financial tool, mitigating the impact of losing a key individual. Whether used for covering recruitment costs, compensating for lost profits, or repaying outstanding debts, the funds offer a lifeline during challenging times.
Key Person Critical Illness Cover
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This policy offers financial protection to your business, triggered by the diagnosis of a critical illness or the key person's inability to work due to such an illness.
In the event of the key person being diagnosed with a covered critical illness or being unable to work due to such an illness, the policy provides a lump-sum payout to your business. This financial injection helps your business navigate the strain associated with the key person's absence. The funds may be used for covering medical expenses, hiring temporary staff, or addressing a drop in profits and offer crucial support during challenging periods.
Key Person Income Protection
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Key Person Income Protection is crafted to provide financial security for your business in the event of the incapacity or extended absence of a key individual due to illness or injury. This coverage ensures that your business can continue to operate smoothly even when a crucial member of your team is unable to contribute temporarily for a maximum of 12 to 24 months.
In the unfortunate event that a key person covered by the policy is unable to work due to illness or injury, the policy provides a regular income stream, instead of a lump sum, to the business. This financial support can be invaluable in covering ongoing expenses, managing operational costs, and maintaining the overall financial health of the business during the key person's absence.
At Your Insurance Room, we recognise the unique challenges businesses face and the importance of safeguarding your business now and in the future. Protect your tomorrow, today.
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Your Mortgage Room Ltd trading as Your Mortgage Room is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority Your Mortgage Room Ltd is registered in England and Wales with company number 11834011. Registered Office: Atlas Chambers, 33 West Street, Brighton, East Sussex, United Kingdom, BN1 2RE
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we will agree this with you before proceeding.
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The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
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