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Why Key Man Insurance?
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Key person insurance, also known as keyman insurance, keywoman insurance, and business life insurance, is a specialist form of life insurance designed to protect businesses when someone crucial to the ongoing operations of the company – such as the owner or chief executive – dies suddenly.
Why do I need key person insurance?
If your business relies heavily on the input of a small number of people, the loss of any one of them is likely to have a big impact on sales and performance. Key person insurance offers one way to protect your company and the other members of the team should an important individual die or become critically ill by providing a cash injection when you need it most.
Who is considered a key person?
A key person is anyone who is integral to the day-to-day operations of your company, for example, because they make high-level decisions or are responsible for your main revenue stream. In some instances, a key person could also be someone on whom vital lending arrangements or a particular appeal depend.