Key person income

Key Person Cover allows you to protect your business from the financial impact of losing a key employee (including owners/managers). In the event of a key person’s death, key person income protection covers the loss of earnings due to the key person’s absence.

What is key person income protection?

If a key employee becomes incapacitated and cannot work due to illness or injury, this protection product provides a regular monthly benefit to your business. The benefit allows your business to move confidently through financial uncertainty while the key person is incapacitated.

What can key person income protection be used for?

This protection product can be used by your business to meet the cost of hiring a temporary replacement employee, protect profits lost by your employees’ absence, or support any ongoing loan repayments.

Who is a key person?

A key person is an employee whose skill, knowledge, experience or leadership contributes to the continued financial success of the business. If such a person is lost, it may lead to financial instability or partial closure so that key person protection may help in this case.

What are the benefits?

Financial Security

There are countless key person insurance benefits, however, one of the most profound advantages is the net of financial security this policy can create. 

Avoids Loss of confidence

Avoids any loss of confidence in the business from both suppliers and investors 

Assurance to debtors

Provides assurance to outstanding debtors 

Can recruit/train new staff

Availability of funds to recruit or train new staff

Protects profits

Protects your business from a substantial loss of profits

Maintains business

Helps maintain vital business contracts 


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