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

Option choices icon

Choice of options including level or increasing cover. Cover can also be arranged for whole of life

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Access to Wellbeing Support included as standard for tailored telephone support from a registered nurse

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There are no claims cut-off periods

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.

Changing Your Policy 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.

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.

More about Wellbeing Support
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Product details

For full details, see key documents for the policy summary and policy booklets

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
  • £10 million for life cover only, subject to underwriting

For Critical Illness Cover or Critical Illness Extra:

  • £3 million if Specific Work Task definition under TPD applies
  • £2 million if Own Occupation definition under TPD applies

For Whole of Life Protection Plan:

  • £5 million up to 69 years
  • £2 million for 70 to 79 years old
  • £1 million for 80 to 84 years old
  • £1 million if the increasing cover option is selected
Type of cover

The following types of cover are available:

  • Level cover
  • Increasing cover
Minimum term
  • 1 year for Life Insurance (level cover)
  • 2 years for Increasing Life Insurance
  • 2 years for Life Insurance or Increasing Life Insurance with Critical Illness Cover or Critical Illness Extra
  • There is no minimum term with a Whole of Life Protection Plan
Maximum term
  • 50 years
  • There is no maximum term with a Whole of Life Protection Plan
Minimum age
  • 18 years old
  • The minimum age at the end of the policy is 29
Maximum age
  • Life Insurance and Increasing Life Insurance: 77 years old. Level and Increasing Life Insurance must end by client’s 90th birthday
  • Life Insurance or Increasing Life Insurance with Critical Illness Cover or Critical Illness Extra: 67 years old. Must end by their 75th  birthday
  • Whole of Life Protection Plan: 84 years old
Premiums
  • Guaranteed, unless increasing cover is chosen; or,
  • Choice of guaranteed or reviewable if Critical Illness Cover or Critical Illness Extra is added to life insurance
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
Changing your policy (previously 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 (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)
  • On request. Subject to eligibility
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.

More from Adviser Protection

Underwriting

Pre-sale support, including underwriting limits, BMI, and how to get an indication of our terms.

Visit Underwriting

Trusts

Our guide to trusts, their benefits, and how to set one up for your client.

Go to Trusts

Literature

Explore our library of brochures, forms, guides, and product sales aids for advisers.

Go to Literature