Keyman Cover

We all recognise that people are the most valuable asset in any business.

Keyperson Cover, also known as Keyman Cover, is a policy that businesses can invest in to safeguard themselves against the financial consequences arising from the death or critical illness of an employee (or Director).

Typically, this type of policy provides a lump sum payout upon the diagnosis of a Critical Illness, which the business can utilise in various ways. Some common applications of the payout include:

  1. Sustaining Employee Payments: The funds can be used to continue paying the affected employee during their illness, ensuring their financial security and supporting their recovery.
  2. Replacing Lost Income/Revenue: If the employee generated a significant portion of the company’s income or revenue, the payout can help cover the financial shortfall resulting from their absence.


  1. Hiring a Replacement: In situations where the employee’s absence leaves a critical void, the funds can be used to recruit and train a suitable replacement to ensure smooth business operations.
  2. Meeting Contractual Obligations: If the business is unable to fulfil its contractual commitments with clients due to the absence of the key employee, the payout can be utilised to cover penalties or refunds owed to the affected clients.
  3. Repaying Business Loans or Capital: The funds can be used to fulfil business loan repayments or repay the capital borrowed, helping maintain financial stability during challenging times.

A wide range of insurers offer Keyperson/Keyman cover. As with any insurance product, it is crucial to seek professional advice to determine the right product and insurer for your specific needs. It is worth noting that most insurers exclude children’s critical illness cover from their business policies. However, for small businesses or self-employed individuals, it is important to consider including this coverage since a child’s critical illness can significantly impact their ability to work.

By securing appropriate Keyperson Cover, businesses can mitigate financial risks associated with the absence or illness of key employees, ensuring continuity, and protecting the company’s long-term success.


Mortgages by Wooton & Bean

We will discuss circumstances including such areas as your income, outgoings, future plans and savings to quickly establish what is possible.


Our experts can review your insurance needs provide you with a tailored recommendation to suit your circumstances. 

Specialist Lending

Specialist Lending Services from Wooton & Bean

Wooton & Bean Specialist Lending Solutions offer a range of commercial and specialist lending options.

Wooton & Bean Specialist Lending Solutions

You are now being taken to the Wooton & Bean Specialist Lending Solutions Website.

Please be aware that by visiting this link you are leaving the Wooton & Bean Mortgage Protection and Advice website.

Please note that neither Wooton & Bean Financial Solutions Ltd or PRIMIS Mortgage Network are responsible for the accuracy of the information contained within the linked site.