Key Person insurance is designed to provide businesses with cover for outcomes such as lost profits and/or the cost of replacing a ‘key’ employee, in the event of death or critical illness.
The company would take out a policy on the life of the key person based on the employee’s value to the business and in the event of a claim, the benefit would be paid to the business.
The business can then use the benefit in whatever way they deem to be most suitable.
Key person income protection pays your business a monthly benefit amount if, due to illness or injury, the life assured becomes unable to perform their occupation.
The benefit can be used to help cover any loss of profit or pay for a replacement employee.
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