Key Person Insurance
Welcome to YFA, a leading UK broker in key person insurance. Whether you're protecting against the loss of founders, senior executives, or critical employees, we help you secure comprehensive business protection—strategic and essential. Our expert team works closely with business owners and directors, tailoring solutions that match your key personnel risks, business value, and continuity requirements.
Why Use YFA for Key Person Insurance
Tailored Key Personnel Solutions: Whether it’s founder protection, sales director cover, or technical specialist insurance, we help build the right protection structure for your critical staff.
Full Market Access: We work with 25+ specialist business insurers to give you the best coverage levels and competitive rates for your key person protection needs.
Speed and Clarity: Quick business valuations with clear policy explanations—so you can get essential protection without complex assessments or delays.
Expert Valuation Knowledge: We understand business valuations, key person contributions, replacement costs, and how insurers assess personnel risks across different industries.
Personal Support: A dedicated business advisor will support you from initial assessment to policy setup and ongoing coverage reviews as your business grows.
What Is Key Person Insurance?
Key person insurance (also called key man insurance) provides financial protection when a critical employee dies or becomes seriously ill. It pays a lump sum to the business to help cover lost profits, recruitment costs, loan repayments, and other financial impacts. This protection is essential for businesses that depend heavily on specific individuals for their success and continuity.
How to Apply for Key Person Insurance
To begin, we’ll identify your key personnel, assess their financial value to the business, and evaluate potential impacts of their loss. We’ll help you calculate appropriate coverage levels based on revenue contribution, replacement costs, and business valuation, then compare options from leading insurers to get protection that works for your business structure and budget. From application to policy activation, we handle the underwriting process so you can focus on your key relationships.
Key Person Calculator – How Much Coverage Do You Need?
Wondering what level of key person protection is right for your business? Use our key person calculator to estimate coverage needs based on employee contributions, business revenue, replacement costs, and financial commitments. For accurate quotes and business-specific recommendations, speak to our expert team.
Is Key Person Insurance Right for You?
It depends on your business dependency on specific individuals, financial commitments, and growth stage. That’s why we take time to understand your key personnel risks and business structure to ensure any protection aligns with your actual dependencies and financial exposures. We only recommend key person insurance if it genuinely supports your business resilience and stakeholder protection.
Key Person Insurance FAQ
Who qualifies as a key person?
Typically founders, directors, senior managers, top sales people, or anyone whose loss would significantly impact business operations, revenue, or relationships. Usually people whose departure would cost the business substantially.
How much key person cover should I get?
Common approaches include 5-10 times the person’s salary, their annual profit contribution, or costs to recruit and train a replacement. We’ll help calculate what’s right for your situation.
Who owns the policy and receives the payout?
The business owns the policy, pays the premiums, and receives the payout. This money can be used to cover losses, recruit replacements, pay debts, or support the business during transition.
Do I need the employee's consent?
Yes, the key person must consent to being insured and usually needs to complete medical questionnaires or undergo medical examinations depending on the coverage amount.
What happens if the key person leaves the company?
You can usually cancel the policy and get a refund of premiums, transfer it to cover someone else, or sometimes convert it to a different type of business protection.
Are the premiums tax deductible?
Generally yes – key person insurance premiums are usually allowable business expenses for tax purposes, though you should confirm with your accountant based on your specific circumstances.
Can I cover multiple key people on one policy?
You can have separate policies for each person or group policies covering multiple individuals. We’ll recommend the most cost-effective structure for your needs and admin preferences. Get in contact today to find out more!
Will Your Financial Assurance be my best option?
Your Financial Assurance has grown from strength to strength, offering not only great deals but also full customer support. Help is just a phone call away whenever you have questions — YFA is always there for you. Don’t just take our word for it; check out our Trustpilot reviews and see for yourself!
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