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Key Person

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:

  1. Paying the costs of a temporary replacement
  2. Meeting the costs of recruiting a permanent replacement
  3. 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.

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Harmony Wealth Management
Penmore House
Hasland Road
Hasland
Chesterfield
Derbyshire
S41 0SJ
T: 01246 224030
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Harmony Wealth Management Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 713818.

The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

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