Key person protection solutions

We broker key person protection insurance solutions for your business to help safeguard your business against the financial effects of death, terminal illness, or critical illness if that option is chosen, of a key person while the plan is in place.

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. Such a person to become incapacitated or die during their employment may lead to financial instability or partial closure, so key person protection may help in this case.

What is key person protection?

Key Person Protection is a life insurance policy taken out by your business for a key person in the business. Critical Illness Cover and Critical Illness Extra can also be added to the policy when it is taken out and your business pays the premiums.

What are the details?
  • Minimum cover: No minimum amount of cover. Driven by minimum premium.
  • Maximum cover: No maximum sum assured for life cover only, but subject to underwriting. If Critical Illness Cover or Critical Illness Extra is chosen, the maximum cover per person will be £3 million if Specific Work Task definition under TPD applies, or £2 million if Own Occupation definition under TPD applies.
    For Whole of Life Protection Plan the maximum amount of cover is:
    • £5 million up to 69 years 
    • £2 million 70-79 years old
    • £1 million 80-84 years old
    • £1 million if indexation is selected
  • Type of cover: Level and Increasing Life Insurance cover are available. Whole of Life cover is also available.
  • Minimum term: 1 year without Terminal Illness Cover. 2 years if bought with Critical Illness Cover or Critical Illness Extra. There is no minimum term with Whole of Life Protection Plan.
  • Maximum term: 50 years. There is no maximum term with Whole of Life Protection Plan.
  • Minimum age: 18. The minimum age at the end of the policy is 29.
  • Maximum age: 77 for Life Insurance. 64 if bought with Critical Illness Cover or Critical Illness Extra. 84 for Whole of Life Protection Plan. Life Insurance policies must end by client’s 90th birthday, or their 75th birthday if bought with Critical Illness Cover or Critical Illness Extra.
  • Premiums: Guaranteed. Choice of guaranteed or reviewable if Critical Illness Cover or Critical Illness Extra is chosen at outset.
  • Trusts: Policies can be placed in Trust.
  • Death in the first year: If the life insured dies within the first year of holding the policy, as a result of suicide or intentional and serious self-injury or an event where, in our reasonable opinion, the life insured took their own life, the policy will be cancelled.

What are the benefits and options?

Accidental Death Benefit:

Automatically included.

Changing Your Policy (Also known as Guaranteed Insurability Option):

Can increase cover on certain specified events, without need for further medical evidence. Eligibility criteria and restrictions apply.

Other changes:

Your client can request to make other changes to their plan. A new policy may need to be set up.

Critical Illness Cover:

Critical Illness Cover or Critical Illness Extra can be added for an additional cost at outset with Life Insurance cover.

Immediate Cover:

On request. Subject to eligibility.

Increasing Cover:

Increasing Life Insurance is available.


Available with Whole of Life Protection Plan.

Wellbeing Support – Provided by RedArc Assured Limited:

 Automatically included. Not available on Whole of Life Protection Plan.

Terminal Illness Cover:

Automatically if life expectancy is less than 12 months unless term is less than 2 years.

Waiver of Premium:

Can be included for an additional cost.


Get The Right Protection For You!