Key Person Insurance

Every Company relies on one or two key employees, it may be your Sales Manager or Research Manager but you know if they were not in work for a long period the profitability of the company would suffer. No doubt you will have these people covered under a Group Life Scheme and Group Income Protection. That is fine because it means that their families are secure, but what about the business, how will you cope financially without this person.

Nicholls Stevens can work with you to establish cover which will pay you, the employer either a lump sum or an income should a key person die or be unable to work for a long period due to long term sickness. This means that you will then ave some capital or income which you can use to replace the key person by temporary staff while you look for the long term “right” person for your business. This protection will buy you time to make the right decisions rather than being rushed into it because of the financial constraints

The cost is relatively cheap but the process a little more complex, as we need to establish the financial value to you of the key employee and find the right Provider for the cover. If for any reason the key employee has a poor medical history Nicholls Stevens experience of dealing in this market should mean that we can find the right Provider. The premium may be increased but the ideal solution is to be able to obtain the cover