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Key Person Life Insurance

You may have found it difficult to secure Key Person Life Insurance. But rest assured, The Insurance Surgery has over 25 years of experience finding suitable policies for our clients.

What is Key Person Insurance?

Key person insurance will pay out due to death, illness or injury of a crucial team member. The potential impact of losing a main person within a company could have a great impact on your business, employees, and revenue streams.

At The Insurance Surgery, we specialise in helping you find the right insurance policy to protect your business. With a wealth of experience in business and personal protection, we have assisted 85,000 customers since 1999.

As experts in business insurance, we have access to a wide range of insurers. We originally started as a broker for Crohn’s Life Insurance, and now, 25 years later, we cover over 548 different medical conditions.

In such situations, the payout from the key person’s insurance policy can be instrumental in covering various financial obligations of the business, including:

Meeting ongoing operational costs.

Training and onboarding expenses.

Signing bonuses and salary for a new hire.

Recruitment fees for headhunters or agencies.

Paying existing loans where the key person might have been a guarantor.

Fulfilling contracts and orders that might otherwise be at risk due to the key person’s absence.

Covers the cost to recruitment or training

Finding and training a suitable replacement for the key person can be time-consuming and expensive. This covers recruitment fees, relocation expenses and salary costs during the transition period.

Covers the loss of income or profitability

There may be a temporary decline in productivity or revenue generation. Provide financial support to offset this loss, and allow the business time to recover without experiencing financial strain.

Losing key accounts critical to the business

Businesses often enter into contracts or agreements that rely on the expertise or involvement of key personnel. The insurance payout can mitigate potential financial penalties or losses associated with breached contracts or unfulfilled obligations.

Meet ongoing operational costs

The sudden loss of a key individual may disrupt day-to-day operations and incur additional expenses. Key person insurance can provide funds to cover these unforeseen costs, such as hiring temporary staff or investing in technology to streamline processes.

Keyman insurance facts.

22 million

Is the average amount paid to customers from UK business insurers per day {1}.

57%

of UK businesses would cease trading if a key person died or was unable to continue working {2}.

How Key Person Life Insurance works?

STEP 1

Complete form

STEP 2

Speak to us about your needs

STEP 3

We’ll search the market

STEP 4

We recommend the best product to suit your needs

STEP 5

Tell us when you want it to start!

Answer a few questions on the key person

The life or critical illness policy is taken out by the company on the key employee.

Keep up the monthly premiums

The company pays the monthly premiums and is the beneficiary of the policy.

Payout will be made to the business

If the insured employee dies or is diagnosed with a critical illness within the policy.

Insurers will assess these main criteria when considering underwriting and approving an application for a person who wants life insurance with coarctation of the aorta:

Severity of the condition

When you were first diagnosed with coarctation of the aorta

Your age

Whether your coarctation of the aorta has been treated surgically

Medications currently being taken

Family medical history

Whether you smoke

Any other related health complications such as heart disease

At The Insurance Surgery, we are leading specialists for putting people in touch with the best insurers when they are seeking to take out life insurance with a condition like coarctation of the aorta. We understand that every client’s condition and circumstances are different, and will help compare the market to find you the best life insurance providers and cover plans for your needs. Simply enter your details into one of our online forms for your free no-obligation life insurance quote.

Critical Illness Cover

Just like life insurance, critical illness cover can be available to some sufferers of coarctation of the aorta. Cover will depend on the severity of your condition and the extent to which it impacts on your general health, well-being and lifestyle.

You may find that insurers are more strict when offering policies for critical illness cover. You may need to provide medical confirmation in the form of records from your GP.

If your condition is manageable and you have no symptoms, it is possible to have an application for critical illness cover accepted on standard terms. If however your symptoms are more severe and you have had surgery, you might be offered cover with non-standard terms that are bespoke to your situation.

Contact us at The Insurance Surgery for more details and to be put in touch with insurers offering critical illness cover that fits your unique circumstances.

Income Protection Insurance

If you are running or supporting a household with bills to pay, it’s a good idea to consider Income Protection Insurance.

This is especially important for anyone living with HIV who is self-employed and doesn’t have access to sick pay. Income Protection can reduce the stress of paying rent, mortgage or monthly bills.

Ask the expert.

Key person life insurance can provide a multitude of benefits to a business. To understand if this type of insurance is right for your company. Consider the following questions:

1. Could the company continue trading smoothly?

2. What are the wishes of the remaining shareholders?

3. What would be the cost to replace such a key person?

4. Would they prefer to sell their share to a third party?

5. Would the surviving spouse or beneficiaries want to get involved in the business?

6. How would the business cope if a shareholder or director passed away or faced a critical illness?

Do You Need Life Insurance?

If you’re the primary breadwinner or share financial responsibilities, a life insurance policy can help your family maintain their standard of living in the unfortunate event that you’re no longer around to support them.

Life Cover Terminology

Understanding life insurance terminology is essential for policyholders to make informed decisions about their cover, we have broken down the meaning for some of the most used terms.

Useful Links

At The Insurance Surgery, we are specialist life insurance providers for those who have congenital heart defects like coarctation of the aorta. We can help compare the market to find you the right insurance providers that can meet your needs while understanding the nature of your condition.

Why Choose The Insurance Surgery?

Rated ‘Excellent’ on Trustpilot.

We take pride in the experience that we offer, guaranteeing excellent service at all times.

25 years Experience.

With 25 years of specialist life and protection experience, we can find the perfect policy for you.

Access to a range of insurers.

With a broad selection of partners, we are well-equipped to find the best insurance deals for you.

Award-winning broker.

Known for making insurance simple, The Insurance Surgery is a trusted, award-winning broker.

Benefit from Our Life Insurance Policies Today.

Relax, knowing that your family can receive the financial support that they need after you pass, and trust The Insurance Surgery to guide you through the life insurance process. With 25 years behind us, we are a trusted broker known for our expertise, prioritising transparency, and providing excellent customer service. So, rely on us to ensure you receive the cover you need at a fair and affordable price.

For a life insurance quote, contact us today on 0800 083 2829 to schedule a free consultation and take the first step towards protecting yourself and your loved ones financially.

Understanding Inheritance Tax (IHT) and Life Insurance

Understanding how IHT works and the ways to mitigate its impact can help you plan and ensure that your loved ones don’t face unexpected tax bills.

How much does Key man protection cost?

The cost of key person life insurance can vary, but here are a few examples to give you an idea:

For a clearer idea of the average cost of life insurance, visit our Guide.

Key Person Protection For A Director.

We recently found key man life insurance for a business looking to protect against the loss of a Director aged 55 years old, living with no medical conditions.

Details:

Total Cover
Amount:

£250,000.00

Monthly Premium
Cost:

£172.70

Duration of
Policy:

20 Years

Key Person Insurance For A Director Living Abroad.

In 2024 we found life cover for a Co-Founder & Director of a tech company. The individual is not a UK resident (living in the USA) and lives with sleep apnoea and pre-diabetes.

Details:

Total Cover
Amount:

£400,000.00

Monthly Premium
Cost:

£74.52

Duration of
Policy:

5 Years

Who needs key person insurance?

Typical key person policyholders include:

CEOs

Founders

Senior executives

Top salespeople

Businesses across various sectors such as finance, technology, and professional services are common users of key person insurance.

Key man insurance calculator.

There are several methods to determine how much key person insurance you will need. Here are three common calculations:

Multiply your Profits:

This is the primary method for calculating a key person’s worth.

Calculate 5 x net profit generated from the key person(s).
If there’s more than one key person, the profit is divided based on each person’s contribution.

Multiply the Salary:

Uses gross salary, including benefits, to estimate the amount needed to replace a key person.

10 x gross salary for life insurance.
5 x for critical illness cover.

Proportion of Salary Roll:

Considers the key person’s contribution to business turnover – calculate using the below formula:

key persons salary / by total salaries X turnover X years to recruit and train a new replacement.

Speak to our team of experts for FREE
specialist advice today.

Monday to Thursday:

9:00am – 8:00pm

Friday:

9:00am – 3:00pm

Facts About Life Insurance.

Life insurance can serve multiple purposes, including income replacement, wealth transfer, estate planning, and business succession. But how does life insurance shape up with the UK population?

7.5 million families

in the UK have no life insurance or critical illness cover.

£40,000

The average life insurance policy in the UK covers only about £40,000.

28%

of UK adults believe life insurance is too expensive.

96.9%

of all protection case claims were paid in 2024

Life insurance is unique – just like you.

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Income Protection

Life Insurance for Smokers

Price Promise.

Obtain a cheaper quote elsewhere, we’ll beat<br>the price and also give you a £50 gift card!*

We are committed to offering unbeatable prices. Our
Price Promise ensures that we will find you the right
cover for your circumstances.

Frequently Asked Questions

Can a person with HIV get life insurance?

Yes, absolutely. Due to the recent changes in life insurance underwriting for HIV, we have seen a number of previous restrictions lifted. We now have access to standard rates and ‘whole of life‘ cover with no term restrictions if you are living with HIV, your viral load is undetectable, and your CD4 count is high.

Does a HIV test affect life insurance?

Similar to other pre-existing medical conditions, if you are HIV positive, you will likely pay higher premiums than someone who isn’t. The exact amount depends on your personal circumstances, which will be assessed when you put forward your application.

Does life insurance cover HIV?

If you’ve recently been diagnosed with HIV but already have life insurance, it is well worth reviewing your existing cover, especially if it was obtained several years ago, as it is very likely that some changes could benefit you.

The Insurance Surgery also offers a free Annual Review service to all our existing / new clients. This means that we constantly make sure that you have the right cover for your ever-changing life and check for any changes in underwriting.

Do you offer advice on travel insurance with HIV?

Yes, we do! Use our partner’s Travel Insurance comparison tool to compare over 20 travel insurance quotes, all with your HIV covered, within just a few minutes and only having to input your information once.

How Can The Insurance Surgery Help?

Offering free advice, our experts are ready and waiting to offer protection advice on HIV life insurance policies that would best benefit your circumstances. With 25 years of experience, we’re a trusted broker and pride ourselves on making insurance simple.

We understand that finding life insurance can be tricky, especially when you have a pre-existing condition, so why not leave it to us? Give us a call today, and we’ll help you find the ideal policy that suits your needs and matches your budget.

For More Information, Check Out Our Latest Blogs

Stay informed with the latest updates in the insurance industry for 2025 here.

We aim to provide clear advice, breaking down the jargon, so you understand the importance of protection insurance.

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Key Person Life Insurance

What is Key Person Insurance?

Meeting ongoing operational costs.

Training and onboarding expenses.

Signing bonuses and salary for a new hire.

Recruitment fees for headhunters or agencies.

Paying existing loans where the key person might have been a guarantor.

Fulfilling contracts and orders that might otherwise be at risk due to the key person’s absence.

Covers the cost to recruitment or training

Covers the loss of income or profitability

Losing key accounts critical to the business

Meet ongoing operational costs

Keyman insurance facts.

22 million

57%

How Key Person Life Insurance works?

Answer a few questions on the key person

Keep up the monthly premiums

Payout will be made to the business

Severity of the condition

When you were first diagnosed with coarctation of the aorta

Your age

Whether your coarctation of the aorta has been treated surgically

Medications currently being taken

Family medical history

Whether you smoke

Any other related health complications such as heart disease

Critical Illness Cover

Income Protection Insurance

Ask the expert.

Life Cover Terminology

Useful Links​

Why Choose The Insurance Surgery?

Rated ‘Excellent’ on Trustpilot.

25 years Experience.

Access to a range of insurers.

Award-winning broker.

Benefit from Our Life Insurance Policies Today.

How much does Key man protection cost?

For a clearer idea of the average cost of life insurance, visit our Guide.

Key Person Protection For A Director.

Total Cover Amount:

£250,000.00

Monthly Premium Cost:

£172.70

Duration of Policy:

20 Years

Key Person Insurance For A Director Living Abroad.

Total Cover Amount:

£400,000.00

Monthly Premium Cost:

£74.52

Duration of Policy:

5 Years

Who needs key person insurance?

CEOs

Founders

Senior executives

Top salespeople

Key man insurance calculator.

Multiply your Profits:

Multiply the Salary:

Proportion of Salary Roll:

Speak to our team of experts for FREE specialist advice today.

Monday to Thursday:

Friday:

Facts About Life Insurance.

7.5 million families

in the UK have no life insurance or critical illness cover.

£40,000

The average life insurance policy in the UK covers only about £40,000.

28%

of UK adults believe life insurance is too expensive.

96.9%

Useful Links

Total Cover
Amount:

Monthly Premium
Cost:

Duration of
Policy:

Total Cover
Amount:

Monthly Premium
Cost:

Duration of
Policy:

Speak to our team of experts for FREE
specialist advice today.

Life Insurance for Sports & Hobbies