Protect Your Business with Key Man Insurance
Key man insurance is crucial for safeguarding your business's future when the unexpected happens. Learn how key man insurance provides financial protection for your company when a critical team member passes away or is unable to work.
Take the necessary step to secure your operations and provide peace of mind for your organisation.
What is Key Man Insurance?
Key man insurance is a policy designed to financially protect a business against the loss of an essential employee. This could be a company director, founder, or another key team member whose knowledge, skills, or connections are fundamental to the success of the business. If something were to happen to them, this insurance provides financial relief, helping to cover lost revenue, pay off debts, and maintain operations during a challenging period.
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Understanding Key Man Insurance
Key man insurance policies are designed to cover the business if a vital team member passes away or becomes critically ill. The business pays the premiums, and if a claim is made, the insurance company pays a lump sum to the business. This payout can be used to cover debts, hire replacements, or offset lost profits during a transition period.
Learn How It Works for Your business
Who Needs Key Man Insurance?
Key man insurance is ideal for businesses of any size that rely heavily on one or more key individuals for their success. This could be founders, directors, or employees whose skills or knowledge are integral to maintaining profitability and growth. It is particularly important for small and medium-sized businesses that do not have deep teams or multiple people with the same expertise. Key man insurance provides peace of mind knowing that, if the worst happens, the business will have the resources needed to continue operating.
Can small businesses benefit from key man insurance?
Why Partner with Executive Life for Key Man Insurance?
At Executive Life, we understand that every business is unique. Our key man insurance policies are tailored to suit your specific needs.
We offer:
- Tailored Coverage: We’ll work with you to determine the coverage that best fits your business.
- Industry Expertise: Our advisors have years of experience helping businesses protect their most valuable assets – their people.
- Transparent Pricing: No hidden fees or surprises, just straightforward, affordable coverage.
Client Reviews
Smooth process, easy to deal with and most importantly they saved me a lot of tax by switching my policy to one that could be paid for by the business.
Recently used them for relevant life and income protection. Professional and informative.
I set up shareholder protection policies for me and my business partners through Executive Life. They found us competitive quotes and the process was swift. I would highly recommend to other company directors.
Executive Life helped me find the best deal for my life insurance policy and also my income protection policy. It was very easy and the process took no time at all - I would highly recommend them!
Very happy with the service and process I went through. They explained how the income protection policy worked and how it would be tax efficient for me through my limited company.
£20,787 Saving With Relevant Life Insurance
Mr Jones is the Director of Jones & Co Limited and is looking for a £1,000,000 life insurance policy. He could pay for a policy personally from taxed income, or he could pay for a relevant life cover through the company. He is a higher-rate tax payer.
The premium for both types of policy is identical and both are offered by L&G in this example. The premium for £1,000,000 cover is £85 a month and the policy will last for 20 years.
If Mr Jones needs to withdraw £85 net a month from his company to pay for the premium on a personal policy, the cost to the company would be £155.46. The increased costs take into consideration the corporation tax and dividend tax paid by the company and Mr Jones to receive a net £85.
If the premium was paid by the business via relevant life cover, then the business would receive corporation tax relief on the £85 a month premium. This would reduce the real cost to £68.85 and save Mr Jones £20,787 over the lifetime of the policy.
Find Out How Much You Could SaveKey Man Insurance vs. Other Business Insurances
A side-by-side comparison to help you understand why a relevant life policy might be better for you than other options
Key Man Insurance
- Provides financial stability specifically in case a critical person can no longer work.
General Business Insurance
- Covers broader risks like property damage or liability but does not protect against loss of key personnel.
Your Key Man Insurance Questions Answered
Common questions include:
Is key man insurance tax-deductible?
How is the coverage amount determined?
Ready to Secure Your Business's Future?
Take the next step to ensure your business is protected against the unexpected loss of a key individual.
Our advisors are ready to help you explore key man insurance options tailored to your business. Get in touch today to protect your company’s future.
Fill out the form above to receive a tailored quote for relevant life insurance, or call us directly to speak with one of our advisors.
