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Key Person Insurance
Businesses may want to have key person insurance cover to insure against loss of profits if a key person were to die or become critically ill. The key person could be the Managing Director, the key salesperson, the IT manager or some other person with special skills and knowledge, without whom the business will not function properly.
Key person insurance will provide a fixed sum should a key individual be unable to work, or even die.
Key person insurance is designed to cover the firm's expenses in meeting any emergency costs, recruiting a replacement employee and protecting the future of the business. It can provide a welcome cash injection into the business to sustain the ongoing viability of the firm.
If you wish to discuss the above further or require information on any of our services, then please contact us.
Any reference to legislation and tax is based on FPP’s understanding of UK law and HMRC practice. These may be subject to change in the future. Tax rates and reliefs will also change and their value to you will depend on your individual circumstances. No guarantees are given regarding the effectiveness of any of the above strategies.