Get Key Person Income Protection Insurance from Insured Defense
- Pay directly from your business
- Cover from £30 a month
- Get a payout as short as 1 week from illness or injury
- Insured Defense cover is not available on the comparison sites
Key Person Income Protection – best key person insurance
The principal and interest payments of a commercial mortgage loan that is based on the work of the primary employee
Director income protection insurance
Some of the most common waiting periods of TSB mortgage payment protection insurance, Barclays Bank monthly outgoings insurance products, Post Office lifetime protection insurance, L&G wider range income protection cover, Royal Bank of Scotland lifetime protection insurance and Nationwide Building Society income protection, if you are made redundant, are 25 days, 31 days and 75 days.
Key man insurance for partnership
Tough to insure of LVE income protection up to your retirement age, More to Life nurses long-term income protection policies, One Family high earners income protection with short waiting periods, YBS income protection if you are ill or injured, Metro Bank income protection policies and Sun Life income protection peace of mind insurance are 25 days, 21 days and 40 days.
Executive income protection vs personal income protection
Challenging to cover of Standard Chartered monthly outgoings insurance products, Direct Line accident and sickness insurance products, Sainsbury’s income protection if you are made redundant, Coventry Building Society 12 months cover income protection insurance, West Bromwich Building Society 12 months cover income protection insurance and Progressive Building Society income protection if you are made redundant are 50%, 60% and 65%.
Hard-to-cover job variants can include Youth and community workers, Veterinary nurses, Nannies, Copy editors and Social services managers and directors.
Difficult to cover occupation variants include Playworkers, Air ambulance pilots, Festival PR directors, Farming union policy advisors and Production managers and directors in manufacturing.
The occupation types that are challenging to cover include Senior system engineers, Interpretation officers (zookeepers), Caregivers, Restaurant assistant managers, and Hairdressing and beauty salon managers and proprietors.
It is challenging to ensure that job types can include Ergonomicists, Raphael’s story, Location managers, Singer-songwriter Jade Bird, and Operations managers.
What is Key Person Income Protection Insurance?
Key person income protection insurance is a type of insurance policy that provides financial security to businesses in case one or more key employees suffer an unfortunate event such as illness, injury or death. The purpose of the insurance is to cover the loss of revenue and other associated costs due to the absence of a key employee. This type of coverage can provide peace of mind to employers knowing that they are prepared for any potential losses due to the unforeseen absence of a crucial team member.
Who Does Key Person Income Protection Insurance Benefit?
Key person income protection insurance benefits both employers and their employees. For employers, it ensures that your business will continue even if one or more key people suffer an unexpected event. It also provides financial stability in case there are any additional costs associated with replacing key staff members. For employees, it allows them to rest assured knowing that their employer has taken steps to protect them in case something happens and they are unable to work or, even worse, suffer a disability or die.
Who is Eligible for Key Person Insurance?
Most businesses are eligible for key person income protection insurance but some policies may only cover certain types of businesses, such as those in the medical sector or those with identifiable valued individuals within the organization. A good insurer will be able to provide advice on who would qualify for this type of policy based on your individual circumstances, but typically all businesses can benefit from having this form of coverage in place.
How Does Key Person Insurance Work?
When a claim is made on a key person income protection policy, it pays out either directly to the insured business as compensation for lost revenue and/or profits or directly to an employee substitute designated by the business who can fill in temporarily until a permanent replacement can be found. Policies vary greatly, so it’s important for employers and employees alike to look at each policy carefully before deciding which one best suits their needs.
What Types Of Claims Can Be Covered By Key Person Insurance?
Typically, claims relating to death, disability, injury, illness and redundancy may be covered by key person insurance policies depending on how comprehensive your policy is and what specific clauses have been included. It’s always worth discussing any extra coverage you may need with your insurer before signing up so that you know exactly what you’re getting when taking out a policy.
How Much Does Key Person Income Protection Insurance Cost?
The cost of key person income protection varies greatly depending on factors such as how much coverage you require, whether you wish to include any additional clauses into your policy and what type of industry you work in amongst other things. Comprehensive policies tend to cost more than basic ones so it’s wise for employers not just go for the cheapest option available but instead weigh up different factors carefully when selecting their provider.
Are There Any Alternatives To Key Person Income Protection Insurance?
For companies looking for additional sources of income during times when normal operations have been disrupted, then there are alternatives available, such as reduced salaries/wages or seeking government grants/loans, depending on where your business is located geographically speaking. Additionally, some employers might decide against taking out an insurance policy altogether if they feel confident enough that they can financially cushion themselves should anything happen unexpectedly; however, relying solely upon these measures is risky, hence why looking into getting an appropriate level of coverage makes economic sense most times.