How much does key person insurance cost in the UK?

Key person insurance is a type of insurance that is taken out to protect a business in the event that a key employee dies or becomes critically ill. The cost of key person insurance will vary depending on a number of factors, but it is typically much cheaper than other types of business insurance. In fact, prices start from as little as £6 per month. There are many benefits to taking out key person insurance, including peace of mind, financial protection, and the ability to continue running the business in the event of the death or illness of a key employee.  It is an essential form of protection for many businesses, and the cost is typically very reasonable.

In this article:

The Benefits of Key Person Insurance
How to Choose the Right Key Person Insurance for Your Business

The Benefits of Key Person Insurance

In the UK, key person insurance typically costs between 1-2% of the sum assured per year. The policy can help to ensure the continuity of the business, providing financial protection in the event of the death of a key person. It can also help to recruit and retain key personnel, providing peace of mind for the business owner.

How to Choose the Right Key Person Insurance for Your Business

If you are a business owner in the United Kingdom, you may be wondering how much key person insurance costs. This type of insurance can be extremely beneficial for your business, as it can help to protect it in the event that a key person dies or becomes disabled. The cost of key person insurance will vary depending on a number of factors, such as the amount of coverage you need and the age and health of the key person. However, it is important to remember that this type of insurance can be very affordable and is an important investment for your business.