What is Key Person Cover?
Key Person Cover is a Life Cover policy taken out by a business on the life of one of its employees or directors.
The cover is designed to protect the net, pre-tax profits of small and medium-sized companies in the event of death or serious illness of one or more of the company's key employees.
The Vitality Difference
At VitalityLife, we understand how strong the link is between employee health and bottom-line results.
Therefore our Key Person Cover not only provides cover but also gives the person covered access to discounts and rewards on the things that can keep them healthy and performing at their best.
Video: Good employers care about their key person
Good employers tend to be family people and therefore think of their workforce as part of the family. Seb Coe discusses the importance of ensuring a business is run effectively by protecting their key people and therefore the future of the business.
Good Health, Good Business
Seb Coe – Vitality Ambassador
Why should you speak to your clients about Key Person Cover?
The benefits for your clients
- Gives the Key Person access to discounts and rewards on things that keep them healthy and at their best
- Potential to reduce annual premiums through Key person engaging with healthy living incentives
- Tax relief opportunities available on premiums.
Not just good for your clients
The benefits for you
As an adviser, our Key Person Cover is not only good for your clients but it is also good for you for a range of reasons:
- You can offer your clients more than just standard Key Person Cover
- A great package to sell to your clients to keep their key person healthy
- There is an opportunity to sell further business solutions; loan protection, relevant life policy, shareholder business and VitalityHealth SME schemes.
Where to next?
Our business solutions can help give your clients reassurance.
Shareholder and Partnership Protection
Gives your clients a lump sum so they can keep control of the business if a shareholder or a business partner dies or suffers a serious illness.
Business Loan Protection
Gives your clients a payment to repay business loans if a shareholder or a business partner dies or suffers a serious illness.
Relevant Life Cover
Cost-effective alternative to Life Cover. A tax-efficient way for your client to give their best people the best benefits.