Key Person Protection could help your client safeguard their business against the financial impact of death or terminal illness (if life expectancy is less than 12 months). Critical Illness Cover or Critical Illness Extra can be added when taking out the policy.
If a valid claim is made, the proceeds are paid directly to the business, which could help them replace a key person, cover lost profits and help their business continue trading.
Reasons to recommend Key Person Protection
Key features and benefits
Fast underwriting decisions
80% of underwriting decisions receive an instant decision.
We’ll beat competitors
In some instances, you may be able to use Price Beater to get the best price for your client. Please see our Price Beater guide for more details.
Includes Accidental Death Benefit
Your client is covered while we process their application.
Increasing your cover option
Allows your client to increase cover on specified events, without further medical questions. Eligibility criteria and restrictions apply.
Waiver of Premium option
For an additional cost, your client won’t have to pay their premium after 26 weeks if the person covered can’t work due to illness or injury.
Protect against inflation
Option to choose increasing cover, which increases in line with the changes in the Retail Prices Index.
Product details
For full details, see key documents for the policy summary and policy Terms and Conditions.
Cover overview
For full details, download the Product Profiles PDF: 905KB document
| Minimum cover |
No minimum amount of cover. Driven by minimum premium. |
| Maximum cover |
For Critical Illness Cover or Critical Illness Extra:
For Whole of Life Protection Plan:
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| Type of cover |
The following types of cover are available:
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| Minimum term |
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| Maximum term |
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| Minimum age |
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| Maximum age |
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| Premiums |
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| 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. |
Benefits and options
| Accidental Death Benefit |
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Increasing your cover (previously known as Changing your policy and Guaranteed Insurability Option) |
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| 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 (not available for Whole of Life Protection Plan) | Critical Illness Cover or Critical Illness Extra can be added for an additional cost at outset with Life Insurance or Increasing Life Insurance. |
| Immediate Cover (not available for Whole of Life Protection Plan) |
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| Wellbeing Support | Access included. Service provided by RedArc Assured Limited. |
| Terminal Illness Cover (not available for Whole of Life Protection Plan) | Automatically included for policies with a term of two years or more. |
| Waiver of Premium | Optional. Can be included for an additional cost. Eligibility criteria and restrictions apply. |
Key documents and tools for new business applications
Existing customers should always refer to the policy documents supplied when they purchased their product.
Key documents
Key documents
Tools and calculators
Support from Umbrella Benefits
Wellbeing Support
Access included as standard. Personalised practical and emotional telephone support from a registered nurse. Provided by RedArc Assured Limited.
