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Key Man Insurance - Questions & Answers

Key Man Insurance, also sometimes called Key Person Insurance or Business Protection Insurance is a type of Term Life Insurance used to protect key people within a business. Key Man Insurance works in the same way as Life Insurance, if the insured person dies, it pays out a lump sum of cash to the beneficiary.
There is not set rule on how much cover to take and it depends on why your business needs the cover. Some companies choose an amount to cover recruitment costs or loss of earnings, others may look at a level of profit made by that employee or director. Monthly budget is also an important factor. Cover starts at £10 per month.
The cost of Key Man Insurance is calculated based on Age, Cover Amounts, Term/Length of policy, Smoker status. Some medical conditions could have an impact on the cost of cover too. Age is the main factor as Key Man Insurance is cheaper the younger you are.
It is possible to get Key Man Insurance if you have medical conditions, but it will depend on the medical condition, the type of treatment you’re having and the severity of the condition. The insurance company may decline cover if you are seen as a higher risk, but some insurers will have different criteria so it’s worth speaking to multiple companies or using a broker who can do this for you.
Key Man Insurance will pay out a cash lump sum upon death or diagnosis of terminal illness during the term of the policy. It can also be paired with Critical Illness Cover which will off a payout if the policy holder is diagnosed with one or more of the illnesses covered on the policy.

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