Key Person Insurance

One of the key factors in building and maintaining a successful business is the ability to overcome unexpected bumps in the road, and if you’re not doing all you can to make this a reality you could face unseen problems at any moment in time. A good example of what can be done is the provision of key person insurance, which is designed to provide vital cover to the business should an important individual suffer a critical illness or should pass away.

The key person in question could be anyone in the business, of course, but in most cases it’s a director, a major shareholder, an important member of the team, someone with specialist skills or of course the company owner. Insurance policies are designed to help the business recover quickly without the disruption that can often result should the worst case scenario occur.

The payout from a key person policy can be used for recruitment costs when a replacement is needed, cover the loss of profits that could result from a disruption, pay penalties for unfulfilled orders or help to pay back a business-related loan or overdraft. Many business organisations find it extremely difficult to get back on track after the loss of an important individual, so the speed of the recovery can be vital. No matter what sector of industry you happen to operate in, key person cover from Scott Fyffe Wealth Management is surely a must-have.

Our specialist team can guide you through a number of options, including policies that cover only the death of a key person as well as policies that include critical illness cover as well. You will no doubt have worked hard and made many sacrifices to get your business up and running, so it’s always advisable to do all you can to ensure its continuing success. With help from Scott Fyffe Wealth Management, you, your partners and shareholders can find the peace of mind needed to continue operating smoothly. Another advantage for the employer is that you can obtain tax benefits from offering key person insurance.

And if you want your business investments to reflect a particular ethical standpoint, we can point you towards policies that encourage a number of positive initiatives. They can include the reduction of carbon emissions, improving climate change, reducing pollution, encouraging clean water, taking part in community interactions and manufacturing  with fair trade principles. Ethical investments are becoming increasingly popular in the business world these days, and we at Scott Fyffe Wealth Management are keen to do our part.

The financial impact of losing a key employee can be crippling for your company, especially if you haven’t prepared for the worst. Our helpful, knowledgeable team can offer a range of policy choices to bring you the protection you need. The business world is more competitive than ever before now, so don’t take chances with the continuing success of your operation.

All it takes to find the most suitable insurance products such as a key person policy, group life or relevant life cover, all you have to do is get in touch. We can be reached on 01382 721 191 or you can use the online form on our Contact page. We’re looking forward to helping you protect your interests soon.

Life Assurance plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse.