Directors and employees with highly specialist skills or knowledge are key employees of the companies they work for. To lose one as a result of a critical illness or death can be damaging to the business. That is why taking out Key Person insurance to protect the company is a wise move.
Key Person insurances can provide several benefits. These can include:
Paying the costs of a temporary replacement
Meeting the costs of recruiting a permanent replacement
Covering the cost of death or incapacity of a key member of staff.
The full scope of cover will depend on the type of policy purchased but companies ignore the risks of losing key staff at their peril. Shareholders, bank managers, suppliers and customers may not be so laid back.
THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.
THE POLICY MAY NOT COVER ALL THE DEFINITIONS OF A CRITICAL ILLNESS. FOR DEFINITIONS PLEASE REFER TO THE KEY FEATURES AND POLICY DOCUMENT.
Key Person insurance
Directors and employees with highly specialist skills or knowledge are key employees of the companies they work for. To lose one as a result of a critical illness or death can be damaging to the business. That is why taking out Key Person insurance to protect the company is a wise move.
Key Person insurances can provide several benefits. These can include:
Paying the costs of a temporary replacement
Meeting the costs of recruiting a permanent replacement
Covering the cost of death or incapacity of a key member of staff.
The full scope of cover will depend on the type of policy purchased but companies ignore the risks of losing key staff at their peril. Shareholders, bank managers, suppliers and customers may not be so laid back.
THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.
THE POLICY MAY NOT COVER ALL THE DEFINITIONS OF A CRITICAL ILLNESS. FOR DEFINITIONS PLEASE REFER TO THE KEY FEATURES AND POLICY DOCUMENT.
Morley Fordham are Independent Financial Advisers. The levels, bases and reliefs of taxation are subject to change.
The guidance provided within the website is subject to the UK regulatory regime and is, therefore, primarily targeted at consumers based in the UK. This site does not confer any form of personalised financial advice, should you wish to receive specific financial advice please contact us.
Morley Fordham is an appointed representative of TenetConnect Services Limited, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Services Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 150643.
