Key Man Insurance
Key Man Insurance also referred to Key Person Insurance provides your company, whether it is a large organisation or small business, with financial protection against the sudden death or long-term absence of a key employee. It is more or less a life cover policy for indispensable members of staff who work for your company.
Key Man Insurance from Rigby Financial is a worthwhile investment for your business if you rely on certain employees which are essential for generating new business or have a specialist skill set that is critical to the success of your business. The policy that you take out for your firm is paid for and owned by the employing party, therefore, any potential pay-out is made payable to the employer.
Who is a Key person?
A key person is anyone your company would consider to be extremely valuable to the regular functioning of the business and therefore somebody you would find it hard to replace. It could be the best salesperson or the head of accounts for example.
The loss of such a key individual not only effects your team emotionally but can significantly affect the productivity and financial state of your business and so the aim of Key Person Cover is to protect your firm in the event of one of these instances happening. Sales and profits could decline as remaining staff struggle to manage their increased personal workload in the absence of the key person. Payment is made through a lump sum to cover the loss of revenue.
Key Man Insurance at Rigby FinancialWe have numerous years of experience working in this sector, so we are in the perfect position to help find the ideal solution for your business. Here at Rigby Financial, we believe in finding Key Man Cover that is tailored to your specific requirements and our independent financial advisors are always on hand to help you to find a policy that meets your precise business needs.
The Key Person Insurance policy rate is usually subject to the existing health and age of the key individual. Typically, an older person with pre-existing health problems, who regularly smoke will have a higher premium. That is opposed to a healthy, younger person who does not smoke and has no pre-existing medical problems.
When taking out a policy it is vital to be completely truthful as should you need to make a claim, the cover will be deemed invalid if, for example, you said a person was a non-smoker when it turns out that they are a frequent smoker.
Contact us today to find out more about our Key Man Insurance policies or check out our blog - How Does Key Man Insurance Work?