Key person insurance is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
Business Protection
Business protection is all about insuring for the unexpected. It's a way of protecting your business if something goes wrong.
One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
A Relevant Life Plan is a death-in-service benefit taken out by a company on behalf of an employee.
In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
UK News
Vet prices have risen at nearly twice the rate of inflation, the Competition and Markets Authority found.
The chancellor also said she was considering further measures on public spending, in a bid to put the UK's finances on a firmer footing.
It is the third-largest fine the communications watchdog has ever issued.
Campaign group CAGNE wants to stop the construction of a second operating runway at London Gatwick.
Andrew Lynas' comments come as a House of Lords committee finds the Windsor Framework is "impossible to navigate".