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COVERLIFE

INSURANCE SERVICES

KEYMAN INSURANCE

KEYMAN INSURANCE:

What is Keyman Insurance?

Keyman Insurance (also known as Key Person Insurance) is a life insurance policy that a business takes out on a key employee or director whose knowledge, skills, or leadership is critical to the company's success. If the key person were to pass away or become critically ill, the policy provides a financial safety net to help the business recover from the potential loss.


Why Do Businesses Need Keyman Insurance?

A key person’s absence can lead to financial difficulties, loss of contracts, operational disruption, and even business failure. Keyman Insurance helps by providing a lump sum payment to:
 

  • Cover lost revenue or profits.

  • Recruit and train a replacement.

  • Repay outstanding business loans.

  • Maintain confidence among investors, creditors, and customers.


Who Should Be Covered?

Keyman Insurance is ideal for businesses of all sizes and is commonly used to protect individuals such as:

 

  • Business owners, directors, or partners.

  • Senior employees with specialist knowledge or client relationships.

  • Top sales executives generating significant revenue.

  • Anyone whose loss would severely impact business operations.


How Does It Work?

The business takes out a policy on a key employee.
The business pays the premiums.
If the key person passes away or suffers a critical illness (if included), the business    receives a payout.


Types of Cover Available

Life Cover Only – Pays out a lump sum if the key person passes away.
Life & Critical Illness Cover – Provides a payout if the key person is diagnosed with a covered serious illness or dies.


How Much Cover is Needed?

The level of cover should reflect the financial impact of losing the key person. This can be calculated based on:

  • Their contribution to annual profits.

  • The cost of recruiting and training a replacement.

  • Any outstanding business loans they have personally guaranteed.


Who Benefits from the Policy?

Unlike personal life insurance, Keyman Insurance is owned by the business. If a claim is made, the payout goes directly to the company to help manage financial disruption.

 

Key Benefits of Keyman Insurance

 

  • Provides financial stability in times of uncertainty.

  • Helps cover recruitment and training costs.

  • Protects against loss of investor and customer confidence.

  • Can be used to repay business loans or cover operational expenses.

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HOW CAN WE HELP?

Our customisable insurance packages are designed with your specific needs in mind, ensuring that you are correctly covered. Plus, we're here to walk you through the entire process, ensuring that all your requirements are met and you have peace of mind knowing you are protected.

WHY CHOOSE COVERLIFE INSURANCE?

Our team of professionals have years of experience in the industry and can guide you every step of the way. We believe in providing quality advice and ensuring our clients have the right cover at the right price. So, whether you’re just starting out or looking to expand your business, trust CoverLife to provide you with the best possible insurance solutions.

KEY FEATURES:

  • Why use CoverTrade Insurance?
    Regardless if you’re a tradesmen, shop owner, landlord, looking to cover your fleet of vehicles or have any other business requirements, Cover Trade are able to help with friendly and professional advice to get the cover in place you need.
  • Why use CoverLife Insurance?
    CoverLife Insurance is here to safeguard your future and the people who depend on you. Whether it’s personal life cover, critical illness protection, or keyman insurance for your business, we make the process simple and stress-free.
  • Our experience
    With our wealth of experience, knowledge of the market and network of insurers we’re able to find you the most comprehensive cover at the right prices without trying to upsell or oversell on an insurance you might not need.
  • What are the benefits of talking to our team?
    Flexible payment options Dedicated account managers Out-of-hours contact should you need to make a claim or just have a question A quick and easy, pain-free service An excellent customer experience
  • How quickly can you arrange my cover?
    We can arrange cover straight away giving you peace of mind.
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Personal Life Cover

Life insurance is a personal protection policy that provides a tax-free lump sum payout to your chosen beneficiaries if you pass away during the term of the policy. It’s designed to give your family financial security and peace of mind at a difficult time.

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CRITICAL ILLNESS

Critical Illness Cover is a protection policy that pays out a tax-free lump sum if you are diagnosed with a serious medical condition listed in the policy. This payout can help ease the financial pressure while you focus on treatment and recovery.

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Income Protection

Income Protection is a policy designed to pay you a regular monthly income if you’re unable to work due to illness or injury. It ensures your essential bills and living costs are covered while you recover.

Unlike statutory sick pay or short-term support, Income Protection can provide cover until you return to work, retire, or reach the end of your policy term – whichever comes first.

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Keyman Insurance

Covers the financial loss a business might face if a key employee, whose skills and knowledge are critical to the company, is unable to work due to illness or death.

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Relevant Life Cover:

A tax-efficient life insurance policy for company directors or employees, providing a lump sum payout in the event of death or terminal illness.

Relevant Life Cover

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COVERTRADE

INSURANCE SERVICES

GET A PERSONALISED INSURANCE QUOTATION TODAY – IT’S EASY

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CONTACT US

CoverTrade Insurance Services is a trading name of CoverTrade Risk Management Ltd which is authorised and regulated by the Financial Conduct Authority (FCA). 

You can check these details on the Financial Services Register by visiting the FCA’s website (www.fca.org.uk) Our FCA register number is 1020148. 

Not all products and services offered are regulated by the FCA. Registered in England & Wales number 13934398.  

Registered Office: 150 The Grange, Romsey Road, Michelmersh, Romsey, Hampshire, United Kingdom, SO51 0AE 

GET IN TOUCH

02382 000820 - CoverTrade Insurance

02382 000825 - CoverLife Insurance

Unit F3, 150 The Grange, Michelmersh, Romsey, 

Hampshire

SO51 0AE

Copyright © May 16, 2023 | CoverTrade Risk Management Ltd

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