Key Person Insurance

Key Person Insurance

Most organisations employ at least one person who is critical to the future success of the enterprise - be it the original founder, a rainmaker, shareholder or some other “Key Person” with a particular skill or expertise. Key Person Insurance protects you against the financial consequences of losing key staff members.

Who’s the life and soul of your business? If you can name them, you probably need Key Person Insurance

Issues to ponder….

  1. Does any member of staff make a large contribution to the profits?
  2. Are borrowings covered by Life/Critical Illness Insurance on the directors/partners?
  3. If you already have a Key Person Protection package in place, does this include Critical Illness cover? Has the sum assured/premium been reviewed recently?

Key Person Insurance can provide a cash injection (either as a lump sum or as a flow of income) to the business if a key person dies or suffers a serious illness, allowing the business to continue trading at a time of considerable uncertainty and financial pressure.

What's covered in Key Person Insurance?

Among other things, Key Person Insurance can cover:

  • Loss of profits suffered until a replacement is found, put in place, and is fully effective
  • Payment for the (often substantial) costs of recruitment and training of a replacement
  • If absence is due to critical illness, and if a return to work is likely, payment of income to the “absent” person, as well as funding the cost of a temporary replacement

Already have protection in place? Great, but when was this last reviewed...?

Both your business and the economic situation have probably changed significantly in the past couple of years, meaning that the protection you initially put in place may no longer reflect your business going forward. We can help you review your exposures. 

Key Person Insurance can cost as little as...

 
£ per year Age* Providing £ Life Cover Number of years of cover
£100 40 £100,000 5
£130 45 £100,000 5
£150 40 £200,000 5
£180 40 £200,000 10
£210 45 £200,000 5
£260 45 £200,000 10

*Based on a fit & healthy person

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“Henry is a credit to La Playa. He is clearly very knowledgeable in his field and communicates very effectively and in terms that I understand. From what I have seen so far, he goes the extra mile and I have no doubt he will do well for all his clients. I am really impressed with him.”

Cambridge software entrepreneur

 

Ready to work with us?

You can call us to talk more about your business on +44 (0)1223 200650 or +44 (0)20 3865 0149

What's Covered?

Proactive advice
Clarity of vision
Real service
Confidential

About La Playa Wealth

Specialist & Independent

La Playa’s intelligent approach to financial services is founded on absolute integrity, an in-depth understanding of our clients, a high calibre team of advisers and a commitment to excellence in service.

Investing with Intelligence

  • Proactive advice: tapping into the intellectual capital of a Chartered Wealth Manager - your financial ‘life coach’
  • Clarity of vision: with cashflow modelling to show how and when you will reach your objectives
  • Real service: a regular, rigorous review of your plan - not just ‘service by mail’; and quarterly market insights and commentary
  • Real commitment: a long-term, personal relationship with face to face meetings - spending time with you to really understand your priorities

Together with our sister company La Playa Ltd, we offer a joined-up approach, with insurance and other financial services all under one roof. 

Get in touch - our initial consultation is free, and it could be the best move you make this year.

Photo from Wealth
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Henry Metcalf Chartered FCSI PCIAM

INVESTMENT MANAGER

Direct Dial: +44 (0) 1223 200650

Mobile: +44 (0) 7900 823 838

Email: henry.metcalf@laplayawealth.com

Twitter: @HenryMetcalfLaPlaya