Keyman insurance for company owners, was particularly expensive a few years ago. Who covers it now, and does anyone have any experience of the cover?
Thanks Billy
is KeyMan not simply a Life assurance policy held by one director/partner on the other? if that is the case, then any life assurance company or brokershould be able to assist.
Key Man insurance is just a life assurance policy that a company takes out on one or more of it's key employees, so that the company will be compensated if one of their key staff dies. There's also partners' or co-directors' insurance whereby partners or co-directors insure each other so that they will have sufficient money to buy out the shares of a deceased partner's estate.
There's no difference in pricing for this type of cover, compared with life assurance taken out for family protection reasons - it's just a documentation issue.
As Ravima says, any life assurance company can accomodate this, and the usual advice re shopping around for best price applies.