How it Works?
We take the time to listen to your specific medical needs.
We search the market for a plan that fits.
You, your family, or your employees have access to swift and professional medical treatment.
We Find Key Person Life Insurance to Suit You
We make finding Key Person Life Insurance as easy as possible. We’ll listen to your specific medical needs and find insurance to fit you. You’ll know exactly what is and isn’t covered.
What is key person life insurance?
Key person life insurance is a policy taken out on a business’s most important employees, known as the ‘key person’. It is a policy designed to protect the business itself.
In the event that the insured person dies or becomes seriously ill, your company is entitled to a lump sum payment which should account for the loss of this person financially and operationally. This money can be used to hire a replacement, train existing employees, or cover lost revenue.
We also offer services for private medical insurance, critical illness insurance and general life insurance.
Who is a key man in life insurance cover?
The ‘key man’ is simply the person who you have chosen to insure on your insurance plan. It’s usually defined as any individual within your business whose loss would significantly impact profits or operations.
Here are a few examples of people often listed as key people:
- Founders/Directors
- Managers
- Highly Skilled Employees
- Employees with key contacts
- Specialists
Usually, a key man can be whoever you choose within a business. If you feel an individual is important enough for you to insure them as a key person, we can most likely find you a suitable plan.
63% of people in Britain do not hold a life insurance policy because they think it is too expensive. Money Marketing- October 2022
Are you eligible?
Contact a member of our knowledgeable team on 01204 866 902, to find out!
What key person life insurance covers
Key person life insurance covers the losses which result from a highly important member of your business dying or being too ill to work. This could be through directly plugging financial loss, or by funding the replacement of this person in a timely manner. Equally, you might use the money to train current team members with the same responsibilities of the person you lost.
In some cases, policies can also cover loan repayments if they were related to the key person’s contribution, but be sure to chat to us about your needs and wants so we can search a wide panel of insurers and find the best deal for you!
Contact Us to Discuss Key Person Life Insurance
Who can take out key person life insurance?
Typically, key person insurance is taken out by businesses, normally limited companies, to protect against financial loss if a key employee dies. This means that the policy is both taken out and paid for by the business.
Fundamentally, any business is entitled to take out key person insurance, whether you’re a small business or a large corporation. The Dragonfly Crowd team is dedicated to finding the right plan for you, based on your needs, budget and priorities.
Who in your company will need key person cover?
Firstly, any business owners or directors probably need key person cover. This is especially important in small businesses with fewer owners and directors, because these companies are more reliant on those key people.
Beyond this, you might also consider specialised employees who possess skills that are particularly difficult or expensive to replace. You might also need key person cover for individuals who have the authority to make critical decisions.
When should you take out key person life insurance?
The main time you should take out key person life insurance is if you determine that the financial wellbeing or function of your business is strongly dependent on a certain, or multiple individuals.
For smaller businesses, this is almost always the case with founders or owners whose loss would almost certainly be catastrophic. With larger or more established companies, it’s still quite often true that losing a key individual would halt or majorly impact business proceedings. If you think this may be the case in your business, get in touch with us.
Why Choose Us?
Peace of mind
Full transparency
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Tailored plans
No call centre
Staff retention These are the primary benefits of key person life insurance for businesses of all sizes:
- Maintaining business value – The ability to cover your business financially during the transition after a loss.
- Mitigating financial impact – The absence of a key person can cause major financial impact; the lump sum from key person life insurance can help with this.
- Business continuity – Key person life insurance gives you the financial capacity to keep operating and trading even after losing this key person.
- Business loan repayment – In some cases, key person insurance can be used to repay business loans, helping keep you afloat during difficult times.
Key person life insurance is designed to protect your business when you lose somebody important. At Dragonfly Crowd, we can find you a bespoke policy which suits your needs whether you’re a big or small business.
Speak to one of our group life service experts!
Get started today with business life insurance.
Frequently Asked Questions
Life Insurance is a highly valued benefit for your employees. Most of your competitors may not provide Life Insurance, thus helping with your staff recruitment and retention.
We'll Call You Back
Simply provide us with your information, and we'll promptly get in touch (typically within 24 hours on weekdays) to discuss your health insurance requirements. Afterward, we'll follow up with your complimentary quote (usually within a week).