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
The chancellor said nothing was "off the table" in protecting people from the impact of higher oil prices.
The firm managing the giant rail project has shared whistleblower allegations with HMRC.
The government has written to the supermarkets to say the adverts are banned by a law passed in 2002.
Most dads in the UK get two weeks of leave when their baby is born - but new fathers in many other countries get more.
Photographs appear to show how nickel mining damaged one the world's most diverse marine environments