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Loss of a key employee

Protecting your business against the loss of a key employee

Business Protection Term Assurance can provide financial protection to your business by paying a lump sum when a key employee dies or suffers a terminal illness* during the term of the cover. If the business has also chosen the optional Critical Illness benefit, it can protect the business in the event of the key employee suffering one of the many critical illnesses covered by the policy.

Who Needs it? Almost every business, especially if it:

  • Depends on the knowledge and skills of certain individuals
  • Would require additional funds to recruit new staff
  • Can help compensate your business for the loss of profit, due to the death or critical illness of a key employee

Your options:

  • You decide how much financial protection the business needs to cover a period of staff transition known as the sum assured. There are several ways in which an individual can be valued. For example, a multiple of their salary or a percentage of their contribution to the profits of the business

  • You can choose who to cover

  • You decide how long you need the cover in place

  • You can choose to pay an extra amount to make sure that premiums for your policy will continue to be paid in specified circumstances

  • You can choose to include Critical Illness Cover

Why would I want cover to increase?

Increasing cover helps keep pace with inflation and maintain the level of financial protection you intended. If you choose this option your premium will increase each year to pay for the extra cover.

*Terminal Illness means a diagnosed life expectancy of less than 12 months.

Our chosen partner AIG

This range of protection products is provided by AIG. They complement us perfectly, adding choice and value to our range of products and mirroring our commitment to outstanding customer service.