Key Person Protection

Key Person Protection helps safeguard a business against the financial effects of the death or critical illness (if that option is chosen) of a key person. The policy is written on the life of the key person but owned by the business. The business pays the premiums.

In the case of Limited Companies and Limited Liability Partnerships, when a valid claim is paid, the money due is paid to the employer.

If the key person is in a partnership, the policy is written on an own life basis and may be placed in trust for the benefit of the other partners.

A key person is an individual whose skill, knowledge, experience or leadership contributes to the continued financial success of the business.