Key Person Cover allows you to protect your business from the financial impact of losing a key employee (including owners/managers), whose death or illness would have a significant impact on the financial position of the business.

It can be arranged to provide either a regular income if the key person is unable to work because of an illness or injury, or a lump sum if they die or are diagnosed with a critical illness.

Our plans come with Helping Hand, a support service that gives you access to recruitment and legal helplines, as well as access to a dedicated nurse who can help the person covered and their family during a difficult time.

These plans are only available through an independent financial adviser, who can help you to understand all your options before you decide on the right cover for you and your business.

Remember these plans don't have a cash-in value at any time and if you stop paying your premiums your cover will stop.

Some benefits of our Key Person Cover

Business loan protection

You have the option to protect your business by having a plan in place to help repay any loans in the event of the loss of a key person.

Business value protection

By protecting your loans and your profit, you're protecting the overall value of your business. 

Profit protection

You also have the option to protect a loss in profits or the cost of having to replace an important employee whose long term absence could damage a business in a number of ways.

Helping Hand

The serious illness or death of a key member of staff in your company can have practical and emotional consequences. A financial payout may be enough to keep your business on an even keel, but losing crucial skills can mean uncertainty for customers and shareholders.

That’s why all our plans bought through an independent financial adviser come with Helping Hand, a comprehensive support service.

You’ll have access to independent support, like a recruitment helpline which can help with sourcing cover for a key member of staff. And a legal helpline that can help with any questions around employment law. What’s more, the person covered by the plan, their partner and their children, will have access to a dedicated nurse who can give tailored practical and emotional support for as long as it’s needed.

The dedicated nurse can recommend a number of additional services if they think it’s going to help. For example:

  • A second medical opinion
  • Support recovering from a heart attack
  • Speech and language therapy after a stroke
  • Complementary therapies to help manage symptoms or help with recovery
  • Bereavement counselling and support

We also offer access to independent career, legal and medical helplines to support you when you need advice or a professional opinion.

Helping Hand is a package of support services and each service is provided by third parties that aren’t regulated by either the Financial Conduct Authority or the Prudential Regulation Authority. These services aren’t part of our terms and conditions and don’t form part of your insurance contract with us, so can be amended or withdrawn at any time. This means that you or your family’s access to these services could be amended or withdrawn by us in the future.

Find out more

Waiver of Premium (Sickness)

Waiver of Premium (Sickness) is available as an add-on to our tailored plans and we automatically include it with Key Person Income Protection.

This means if the person covered has an accident or illness that leaves them unable to work or carry out a number of tasks, you won't have to worry about monthly policy payments as we’ll pay these for you. You can decide the amount of time between you stopping work and us paying your premiums. The choices are 4, 8, 13, 26 or 52 weeks. 

Value of advice

If you think that our Key Person Cover could be right for you the next step is to speak to an independent financial adviser. There are many benefits to independent advice.

Find out more about the value of advice