Most people have an idea about what Key Man Insurance is, however there are many different forms that this protection can take.

In simple terms it is possible to cover the cost of replacing the salary of a key member of the team in the event that they are prevented from doing their job as a result of injury, illness or death. This could be so you can meet their salary costs whilst they are notable to work, cover the cost of a replacement (possibly more expensive) temporary member of staff whilst they are away as a result of contractinga critical illness or cover the cost of an interim manager whilst they are replaced or the business is sold.

You might want to pay a lump sum death benefit to the family -a relevant life or group life scheme may be a tax efficient way of supporting this type of employee benefit.

If you have a bank loan which will need to be repaid or which could be altered to less favourable terms then a loan protection policy linked to the death of key individuals to the benefit of the company may be required.

If you have shareholders, partners or directors what happens to the ownership of the business if one stakeholder dies? Would your remaining stakeholders need to find the funds to buy the equity from the estate of the deceased? Shareholders protection cover is designedfor this.

Every business, big or small, needs to think carefully about what happens in the event of a terminal illness or the death of a key member of the team. The Expert Insurance Group can help you protect your business and family with key man life insurance protection.

For further help and information please call 01825 745410


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