What is Key Person Insurance?
Key Person Insurance is a policy taken out to compensate your business for the financial loss that would arise from the death or extended incapacity of a Key Person within your business.
Key Person Insurance is a policy owned and paid for by the business and aims to protect its cash flow should a Key Person die or be unable to work for an extended period.
Key Person Insurance can be quite complex and businesses must take time to consider and understand:
- The impact that the loss of a key person would have on the business reflected in the sum assured required.
- How long will that individual be important to the business.
- How the taxation of Key Person Insurance policies may affect your business.
Goddard Perry can provide a comprehensive review of your company’s Key Person Insurance needs and ascertain your requirements to ensure that either the business is able to replace that individual or continue to operate during any extended period of absence.
Planning & Consulting
- Initial Meeting to understand your business, how it works, who the Key individuals are and the impact on the business if they were die or be unable to work for an extended period of time.
- How the loss of a key individual can be mitigated.
- Analyse any existing arrangements including the completion of a corporate factfind.
- Carry out a market review.
- Consultation and the provision of advice regarding the main points of putting in a Key Person Insurance policy.
- Assistance with financial and medical underwriting.
- Assistance with the taxation of the new Key Person policy.
- Ensuring cover is in place and correct documentation is provided.
On Going Service
- Review of the policy to ensure sure it still meets your requirements.
- Help with any claim.
If you require more information or assistance regarding your Key Person Insurance requirements please email us.