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Guide to Keyman Life Insurance

Finding Competitive Keyman Life Insurance

Keyman Insurance is one of the most difficult types of insurance policies to compare when shopping around, nevertheless, shopping around is still strongly advised. When calculating premiums the insurers consider a number of factors such as:

  • The type of industry your business specialises in. Certain industries will be considered to be a higher risk than others and will therefore attract higher premiums.
  • The amount of cover which is required. This will be dictated by the purpose for the insurance ie; to cover the guarantor for a loan, the amount of disruption loosing the key person would cause etc.
  • The age of the people who are to be named on the policy. The older the person the higher the premium, is often the case.

Because these factors are so specific to the individual business finding quotes will be somewhat more difficult than that of insuring a car for example. That said there are numerous insurer who offer this product, it is just a more time consuming exercise collecting a number of quotes before agreeing to any one insurer.

As the business changes, the key people may also change. Remember to review and update the policy regularly.

It is often considered a good idea to hand over the search to a specialist broker. They will be able to search the market for the best policy at the best price for your requirements. There will obviously be a charge for this so make sure you inquire about their fees before they start the hunt!

Alternatively, most insurance companies and many of the high street banks and building societies offer Keyman Insurance.

In general, the cost of the insurance maybe looked upon as being relatively low when taking into consideration the amount of stress it will alleviate.

 

Guide Contents

Keyman Life Insurance
Different types of Keyman Life Insurance
Finding competitive Keyman Life Insurance
Frequently asked questions about Keyman Life Insurance
Where to get more help and advice about Keyman Life Insurance

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