Keyman insurance business rises at Legal & General
Filed Under Independent financial advice, Insurance · Tagged: keyman
Insurer Legal & General recently reported that sales of business protection, including keyman insurance, rose by 230% during July 2008 compared with 2007.
The increases in business includes cover for keyperson protection, keyman insurance, director or partner share protection and business loan protection. L&G have repriced their keyman insurance rates and provided assistance to IFA’s in marketing keyman protection to Directors and business owners.
Keyman Insurance is designed to provide funds to a company when a key member of staff dies or suffers a serious illness which prevents them from working. Typically keyperson cover would be for the directors but equally the top salesman or sales manager could be classed as a keyperson if the business were to suffer financially in their absence.
An Independent Financial Adviser (IFA) would be able to provide advice and guidance on keyman insurance and the ways to mitigate the loss of a key member of staff.
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