Key Person Cover

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Many businesses find that certain key individuals are responsible for a large part of their profits. Losing one of them can have a serious impact on the health of the business. With VitalityLife’s Key Person Cover, you can keep the impact of their absence to a minimum. If the key person were to die or suffer from a severe illness, the policy pays a lump sum to make up for any loss in revenue or profits, helping to keep the business on track.

Is this solution right for you?

Key Person Cover is designed to protect the profits of small and medium size companies in the event of death or severe illness of one or more of the company’s key employees.

Who or what is a Key Person?

A key person is an employee whose death or severe illness would cause a serious loss of income or profit your business. Employees of all types, particularly those with specialist knowledge or skills, can be key people.

How much cover do I need?

When calculating the extent of any business continuation cover required, you need to consider:

• loan repayment
• replacement of lost profits
• cost of recruitment of replacement personnel
• repayment of partners' /directors' loan accounts

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