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February 2016 - The Clock is Ticking!
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Key Person Protection

It is common for a business to insure its premises, contents and stock. Now more companies are realising the implications of the loss of key personnel. Key people may not necessarily be owners of the business, but may instead be a manager, or an employee whose skills are crucial to the business. If you feel that the profitability of your business would suffer in the event of an employee dying, then he or she is a key person!

You should consider taking out Key Person protection if there are one or more individuals you consider to be indispensable.The loss of confidence from suppliers, customers or the bank, could seriously jeopardise the financial security of your business. It is therefore vital to ensure that the business is fully protected. Steps to be taken are as follows:

  • A policy is taken out to protect the business against the death or serious illness of a key employee
  • This is often a simple Term Assurance policy, which might also include Critical Illness, owned by the firm with the key person named as the 'Life Assured'
  • The money could be used by the firm to meet financial needs while it reorganises or recruits a replacement. In the case of a Critical Illness claim, the key person may return to work, so the funds could be used to pay a temporary replacement or replace lost profits

Vintage Wealth Management Limited is authorised and regulated by the Financial Conduct Authority. FCA Number 593380. Registered in England and Wales No. 07879453.
The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit