It’s paid as a lump sum and could significantly help the business to recover from losing either a Director or other important team member who contributes significantly to the business. The proceeds can be used to help replace lost profit or finding and hiring a replacement, to help limit any disruption to the company or loss of business. Key Person Protection is taken out by the business for the benefit of the business, so any payout from the policy benefits the company, not the insured individual or their family.
To find out more about why Key Person Insurance is so important, why not contact one of our expert team who can talk you through the options available? Simply call us on 020 8652 5240 or drop us an email.