What is Key Man Insurance?

Keyman protection insurance is essentially a life insurance policy held on a key person within a company or organisation. In a small business, this is usually the founders or owner, but can include anyone who plays a critical role in the business and whose absence could challenge its sustainability.

How does it work?

The insurance is taken out on a person within the company. The company pays the premiums and is the beneficiary of the policy. If that person dies or falls critically ill, the company receives an insurance payout to help deal with the financial fallout.

The benefit can be used to address risks such as loss of profits, the need to recruit a replacement, pay off debts, distribute money to investors, and in more severe cases, pay severance to employees and avoid bankruptcy.

Keyman insurance can be taken out with a lump sum benefit, paid on either the death or critical illness of a key employee, or derived as monthly income through an income protection plan.

How can we help?

Finding the right cover through our site is simple. We search key man protection insurance plans from the leading insurers to find you the best quotes. We're impartial, so you gain a trusted view of plans available on the market and save money on cover that's best suited to the needs of your business.