Keyman Cover | Haven Financial Solutions

Keyperson Cover (often referred to as Keyman Cover) is a policy paid for by a business to help protect the company from the financial impact of the death or critical illness of an employee (or Director).

Most commonly this type of policy pays out a lump sum upon the diagnosis of a Critical Illness which the business can use however it chooses.

This is often one of the following ways:

1. To continue to pay the employee.
2. To cover the lost income / revenue that the 2. employee generated.
3. To cover the cost of a replacement employee to step in.
4. To cover a penalty or refund due to a client if you are unable to meet your contractual obligations with them.
5. To meet business loan repayments, or to repay the capital borrowed

There are a wide range of insurers who provide Keyperson / Keyman cover. As with most insurance products, it is important to get the right advice when selecting which product and insurer is right for you. For example, most insurers exclude children's critical illness cover from their business products.

However, if you are a small business or self-employed and your child were to be critically ill, this is likely to impact your ability to work. Therefore this should be included if possible.

Call the team today: 01202 082380.