Key Man Insurance
Key Man, or Key Person Insurance is a policy taken out by a business to insure their most valuable employees to safeguard the company against potential financial loss.
Shareholder protection is for businesses with two or more shareholders. This policy protects you all if one of the shareholders dies. (You can have the Business/Critical illness too if required and affordable.)
The amount is pre-agreed, (if you take out a policy we would review your cover every 2 years, as a matter of course, but if you feel your business will grow quickly we can reduce this interval or you can call us to add extra cover as the business value grows) and fixed at the beginning, gets paid into the company, and these funds are to be used to purchase the shares from the deceased partner’s family at the pre-arranged price.
The other shareholder(s) would then receive the shares back into the business, so they keep full control of the business, and avoid the diseased shareholders’ husband/wife/partner wanting to become hands on in the business.
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Key Man, or Key Person Insurance is a policy taken out by a business to insure their most valuable employees to safeguard the company against potential financial loss.
A Relevant Life Insurance Policy is a term assurance plan available to employers to provide an individual ‘death in service’ benefit for an employee.