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Professional key person insurance advisors.

Your people are an asset. Protect the most important members of your team with the help of our experienced key person insurance advisors.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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Finding The Best Key Person Insurance for Businesses Deal For Your Circumstances

Many businesses have a critical member of their team who is integral to their success and day-to-day operations. This individual is highly valuable, and may threaten the future of the company if they had an accident, became seriously ill, or passed away. If you lose a vital person, you need to have the peace of mind that your future success is protected. Whether you’ve been rejected by an insurance provider or are just concerned about getting the right cover, our team of qualified insurance advisors will help you assess your options and make a suitable choice.

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Safeguarding your success.

Having an employee you can rely on is great. However, it can also make your business’ continuity dependant on this person. If you’re worried about how you would manage in the event of an employee’s death or illness, we can help you get the cover you need to keep going. Business insurance can be complicated, but we’re here to keep things simple and find you the most suitable deal. You can trust our team to deliver.

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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

What is key person insurance?

Key person insurance, or key man insurance as it is sometimes known, is a business insurance product that protects companies from the loss or illness of an important individual within the organisation. These policies are taken out on individuals who are integral to the financial stability of the company, and whose illness or death would lead to substantial losses. If the worst does happen, key person insurance will pay out a sum of money to the business calculated based on earnings, enabling the business to weather the storm, maintain cashflow and cover the cost of hiring and training a replacement.

What can key person cover be used for?

Key person cover is used to compensate for losses and disruption in the event that a critical company breadwinner becomes ill or dies. It can be used to hire and train a replacement, repay debts like company mortgages or cover the cost of winding up the business. If you think your people and profits need protecting, our friendly team can help you identify the business insurance policy best suited to your situation. Contact us today!

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

What types of key person cover are there?

Key person cover can come in the form of life cover, critical illness cover or income protection. The right policy for your business will depend on your particular requirements, but generally opting for a policy that provides the broadest cover is a sensible idea. If you’re not sure what level of cover your business needs and want to make sure you’re not paying unnecessarily high premiums, talk to our experienced team! We’ll seek out the most appropriate product for your company and help you assess all the ins and outs of the policy. Don’t leave the ongoing success of your business to chance!

Can I get key person policy if the key person has medical issues?

Yes, most of the time it’s possible to find an insurer who will offer you a policy even if your key person has existing illnesses. In this scenario, getting a good deal depends on having qualified, trusted advice, so be sure to speak to When the Bank Says No before proceeding. Our expert team will be able to connect you to specialist insurers who understand your circumstances, and take the stress out of the entire process.

Frequently Asked Questions

Is it possible to get key person cover if I’ve been declined by other insurers?

Yes, it is possible. At When the Bank Says No, we have access to specialist insurers who offer cover on a case by case basis. This means the products are more bespoke, and can be tailored to your circumstances. If you’ve been declined before because your key person has an existing condition or for some other lifestyle factor, we can step in and help you navigate the market. We’ll discuss your company’s needs and you or your employee’s medical history with sensitivity and discretion before helping you make an informed choice.

If the key person insurance is to safeguard the continuity of the business, then the premiums are usually tax deductible, although certain criteria must be met. For example, the cover must be taken out on an employee who is not a shareholder in the business, as the premiums should be paid exclusively for the business’ benefit. If you have to make a claim at some point in the future, however, the benefit will face taxation. To fully understand the tax implications, make sure you get advice from your accountant.

Qualified advice for key person insurance.

When the Bank Says No has helped business’ all over the UK continue with their operations even when they have lost a key and critical member of their team. If you’re a business owner, our team of qualified insurance advisors can help you identify the most appropriate product for your needs. Even if your current circumstances or employee health history demands a specialist insurer, we can help you access policies that are trickier to find and apply for.

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