Welcome to My Key Man Insurance

"Did you know as a director of your own company you are able to place your personal life insurance thorugh your company and possibly save lots of money. Please ask one of our advisors about relevant life insurance"

• What is Key Man Insurance?

Key man insurance is much the same as a mortgage protection policy or a normal term life insurance taken out to cover a loan on a mortgage. The main difference is the beneficiary which in the case of keyman insurance, instead of being the wife or husband its the company. The policy is taken out to protect your business against the financial repercussions of losing a valuable employee due to critical illness, ill health or death. The benefit is to help the company cope financially without that person anymore. Many large businesses will already have these protection policies in place. But small to medium size companies tend to overlook this insurance or do not even know it exists. Businesses don't think twice to insure their important equipment. But for some reason do not think to insure the most important part of their company, "the employees" until of course its too late. As well as insuring the key people it is also worth looking at shareholder protection insurance to enable the remaing shareholders to purchase back the shares in the event of another shareholders death.

• Types Insurance you may need to think about.

A key person insurance policy for income protection will provide an income to the company whilst the key person is away, Relevant Life Policy, similar to death in service as a non taxable benefit for employees.

Shareholder Protection Insurance policy to provide monies to the remaining directors, shareholders or partners in order for them to buy out the share's from the original owner.

Key person insurance, to cover business loan protection or investments into the company.

• Who Are The Key People?
• The people who drive the business.
• The people without whom your business would lose sales and profits.
• Directors, Partners, Shareholders
• Integral managers, or key IT development specialists etc.
• Insurance to Protect Your Profits

The damaging effect of losing an important employee could go well beyond just the cost of a replacement. They could be the sole reason your company is doing so well. A key man insurance can give your company a financial payout should they die or become critical ill.

• Relevant Life Policy

Relevant Life Policy is much the same as a death in service apart from you are not restricted to the amount they can be insured for. Relevant life insurance is a life only policy and does not include critical illness. Therefore it will only pay out a benefit on death. Unlike key person insurance where the beneficiary is the company a relevant life policy will pay out to the life assured next of kin, be that maybe a husband or wife. One of the main reasons why some one may choose to place a policy as relevant life insurance as appose to straight forward life cover is the tax benefits. Relevant life policy are paid from the company and therefore out of your pre-tax profits. Please speak to a qualified tax advisor for relevant life tax benefits. To get a quote for relevant life insurance please fill in the quote form on the top right hand side of this site adding in the notes that you would like relevant life.

• Protect against those who maybe liable for Personal Guarantees

Business loans will often require business loan insurance by a director or shareholder to put charge on their personal property. Key Man Insurance cover can provide a structured to pay off this loan, free the business and possibly the family from this financial burden. Its becoming increasingly difficult to obtain a busness loan and lenders are asking more often that the company takes out business loan insurance to cover the loan.

• FSA details

MyKeyManInsurance.co.uk is a trading style of My Protect Limited for website purposes only. My Protect Limited is an Appointed Representative of Personal Touch Financial Services Limited which is Authorized and Regulated by the Financial Services Authority.