Most businesses consider taking out Key Person Insurance because they have a founder, director or employee whose loss would cause a major disruption to the business. The negative impact might include:
A Key Person policy compensates your business in the event that one of your “key people” dies, or is diagnosed with a terminal illness or critical illness. That money can then be used to cover the costs of losing that person and, where applicable, finding a replacement.
You can find out if Key Person Insurance is right for your business by taking advantage of a free consultation with one of our advisors at Engage Wealth Management. You won’t need to make any upfront commitments – it’s simply your opportunity to explore costings and find out whether it’s the right option for you.
Arrange a free discovery call with our FCA-regulated policy experts to find out how we can help: [email protected] or 01273 076587
Before taking out a Key Person Insurance policy, it’s wise to discuss your options with one of our expert advisers. We’ll give you clear, honest guidance to ensure any policy you choose is the right fit for your business and circumstances.
At Engage Wealth Management, we’re an independent financial advice firm with highly qualified, experienced advisers. We take the time to understand your needs, answer your questions, and give you the space to make decisions with complete confidence.
We’ll start by finding out more about your business and exploring whether Key Person Insurance is the best option for you. You’ll also find out more about how the policy works and its tax implications.
Once you’re ready to explore your options, we’ll gather all the information required regarding the key person so that we can work out what level of coverage you would need. This will include relevant financial and medical documents.
We are independent financial advisers, so we can gather the most competitive terms on the market. We work with all major insurers, , so we can gather a range of quotes at speed and deliver them to you.
You will be given as much time as you need to make a decision and we’ll be there to answer any further questions you have about the policy.
If you decide to buy the policy, we’ll set it up with the insurer on your behalf and take care of all the paperwork. Medical questions will need completing by the key individual, and we’’’ support you throughout the underwriting process. Should the policy application be accepted, we’ll provide a full recommendation report before implementing the policy.
We’ll be on-hand to answer any further questions throughout the life of your policy, including providing claims support, should you need it.
You can contact us in future if you’d like to reassess the coverage. For example, you might to see if the same coverage levels apply or whether it needs to be increased or decreased.
“Our advisor Oliver was great in swiftly and cost-effectively taking us through Key Person Insurance for a new startup. Would not hesitate to recommend working with him and the Engage Wealth Management team for similar needs.”
As well as being experienced in arranging Key Person Insurance policies for clients, our pensions advisors carry the relevant industry qualifications, including the Diploma for Financial Advisers (DipFA) and Diploma in Financial Planning (DipPFS) from LIBF and the CII respectively.
Our advisers also hold qualifications in mortgages, equity release, long-term care and Pension Transfer Specialist (PTS) qualifications.
Engage Wealth Management works with a wide range of businesses, including fast growth tech companies and professional services companies.
The many positive comments and reviews we regularly receive from our clients is perhaps the best evidence of our expertise as Key Insurance advisors and brokers.
“Luke was our advisor and he was excellent – very quick to respond to any questions and arranged our Key Person Insurance with ease.”
– Harriet Beeson
Engage Wealth Management were contacted by an IT company comprising of two directors seeking £500,000 of cover each on a Key Person scheme.
“Unfortunately, one of the directors had an adverse medical disclosure and was declined by the underwriters,” said Luke Comerford, Protection Adviser at Engage Wealth Management.
“However, we questioned this decision with the underwriter and provided additional evidence on behalf of the client.”
The underwriter ended up revising the case and overturned their decision, which meant both directors were covered by the Key Person plan, and the company was financially protected.
Engage Wealth Management featured in VouchedFor’s Top Rated Financial Adviser Guide, as published in The Times and The Telegraph. We’ve also featured in Sussex Business Times (SBT), Citywire, Financial Planner Life podcast and Fund Your Retirement podcast.
Is Key Person Insurance the right option for your business? Contact our professional advisers at Engage Wealth Management via the contact form below.
Engage Wealth Management is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales Company no. 13010558 Registered Office: 1a City Gate, 185 Dyke Road, Hove BN3 1TL FCA Firm Number: 942618 To visit the FCA consumer website, The Money Advice Service please click here https://www.moneyadviceservice.org.uk/en. To visit the Financial Ombudsman Service, please click here https://www.financial-ombudsman.org.uk/
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