KEYMAN INSURANCE

Your company’s greatest assets

KEYMAN INSURANCE

Your company’s greatest assets

Keyman Insurance

If you run a business of any kind, the employees are the most valuable asset to the entire company. However, there’s no doubt that some staff members are more crucial than others, which is why it pays to protect them. Keyman insurance, otherwise known as Key person insurance, is the potential answer.

Still a little uncertain about the what’s, whys, and how’s? Here’s all you need to know.

What Is Keyman Income Protection?

Keyman insurance is a type of business insurance that is designed to protect the company should a key employee become incapacitated or unable to work. The insurance premium is there to cover the costs of replacing the staff member, any lost profits from the interluding period of transition, and other related costs that can soon equate to thousands of pounds.

When claims are made, the business accounts become the beneficiary. In this sense, keyman income protection plans provide the business with financial stability and continuity, even in the most difficult times. If you wouldn’t leave physical assets unprotected, don’t forget your key staff.

How To Utilise Keyman Insurance?

Replacing any member of staff following injury or death is tough on an emotional level. From a purely business perspective, though, less experienced employees can be replaced with a low financial impact. Therefore, it is not worth insuring them – particularly as the premiums aren’t usually tax deductible.

However, studies show that almost half of all business would not cope with the loss of a key director or staff member.

Business owners will find that keyman income protection is best used when dealing with directors, chief executives, and people that directly drive the financial performance of the firm.

What Types Of Keyman Insurance Are Available?

While keyman insurance is a type of life insurance, there are traditionally three options on offer to business owners. They are life protection only, critical illness only, and a combination of the two previous plans. All three carry the same definitions as they would for personal life insurance coverage premiums. So, you should be familiar with the terminology.

Most businesses find that critical illness insurance is essential because this is statistically more likely outcome than death. However, very few insurance firms offer policies that are exclusive to critical illness, so it’s likely that life protection will be added.

How Much Do Keyman Insurance Plans Cost?

As with any type of business insurance, the financial expenses are a critical feature when deciding whether it’s a worthwhile investment. Given that your business could be on the line should you fail to protect the right people, you should be willing to pay for the safety net and emotional security.

Insurance quotes can be influenced by many features. The age and health of the employee, along with the type of business will have an impact. Likewise, the insurance type payout coverage amount will play a big role in those calculations.

If this is something that is of thought to you and your business. Here at Active Mortgage we would advise that you speak with one of our in-house mortgage advisers about the policy. We can be contacted on 01245 850165 or by contacting us here

These articles are for information only and no advice should be conferred from the content within. Please seek independent financial advice prior to taking any action.

Want To Know More?

Active Mortgage

Make It Happen

Active Mortgage

Make It Happen

Registered in England & Wales under Company no: 06539910

Registered Address: 4, The Capricorn Centre, Cranes Farm Rd, Basildon SS14 3JJ

FOLLOW US

IMPORTANT INFO

Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage repayments.

We will charge a fee for mortgage advice between £250.00 and £2000.00. The amount we charge is dependent on the amount of research and administration that is required. Please refer to the Customer Terms of Business for further information.

Active Mortgage is owned and operated by Active Brokers Limited and may contain advertisements, sponsored content, paid insertions, affiliate links or other forms of monetization. Active Mortgage abides by word of mouth marketing standards. We believe in honesty of relationship, opinion, and identity. The compensation received may influence the advertising content, topics or posts made in this blog. That content, advertising space or post will be clearly identified as paid or sponsored content.

Active Mortgage is never directly compensated to provide opinion on products, services, websites, and various other topics. The views and opinions expressed on this website are purely those of the authors. If we claim or appear to be experts on a certain topic or product or service area, we will only endorse products or services that we believe, based on our expertise, are worthy of such endorsement. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer or provider.

This site does not contain any content which might present a conflict of interest. Active Mortgage makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contain on this website or any sites linked to or from this site.

YOUR HOME OR PROPERTY IS AT RISK IF YOU ARE UNABLE TO MAINTAIN PAYMENTS ON ANY MORTGAGE OR LOAN SECURED AGAINST IT.

Request a strategy call

Discover how we can help you to secure the finance you need to create your dreams. Let's make it happen.

You have Successfully Subscribed!

Request a strategy call

Discover how we can help you to secure the finance you need to create your dreams. Let's make it happen.

You have Successfully Subscribed!

Request a strategy call

Discover how we can help you to secure the finance you need to create your dreams. Let's make it happen.

You have Successfully Subscribed!

Get Finance Fit

Start preparing for your succesful finance application

You have Successfully Subscribed!

Send The Resources!

You have Successfully Subscribed!

Send My eBook!

You have Successfully Subscribed!

Download our brochure

Discover how we can help you to secure the finance you need to create your dreams. Let's make it happen.

You have Successfully Subscribed!

 

Send my eBook

When you submit your details you will receive the 7 Mistakes eBook immediately via email!

GDPR Consent
Marketing by

You have Successfully Subscribed!

Speak to an Expert

When you submit your details you will be contacted by the active bookings team to arrange a convenient call with an Active expert.

GDPR Consent
Marketing by

You have Successfully Subscribed!

Download our brochure

Once you have submitted your details you will be sent an email with the brochure attached.

GDPR Consent
Marketing by

You have Successfully Subscribed!

Buy The Self Employed Mortgage Guide
GDPR Consent
Marketing by

You have Successfully Subscribed!

Send the book resources

When you submit your details you will be sent an email with The Self Employed Mortgage Guide Resources.

GDPR Consent
Marketing by

You have Successfully Subscribed!

Download our brochure

Once you have submitted your details you will be sent an email with the brochure attached.

GDPR Consent
Marketing by

You have Successfully Subscribed!