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Insurance Services > Commercial > Keyman Cover
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These policies are available to cover both males and females and the intention is to provide some compensation to a business if a key person should die or become unable to work through accident or illness.
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In such circumstances there will be considerable disruption to the business plan, and the profitability will almost certainly suffer until the individual is able to return to their full capacity or a satisfactory replacement is found.
The very nature of these disruptions is short term and so these policies tend also to be arranged for a short length of time such as 5 years.
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Important
Perhaps the most important point to consider is that if the business claims tax relief on the premium as a legitimate business expense then any benefits that are subsequently paid from the policy will be taxed as a trading receipt.
If no tax relief is taken on the premiums the benefits are also regarded as being tax-free.
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