by: Michael Challiner
As a businessman you might have public liability insurance and you insure your buildings, stock and vehicles. You may even have professional indemnity insurance and legal cost insurance. Is that all? What about your other primary assets ? your key staff?
Key staff represent the heart of every businesses but no more so than the UK's 3.9 million small, often family, businesses that have up to 4 employees. Prolonged absence through serious illness or even death can be terminal for some of these enterprises. The risks are the same for limited companies, a partnerships and sole traders.
In this context Keyman Insurance is a must. Keyman Insurance represents a group of insurance plans all designed to financially protect business from the affects of prolonged illness or even death of staff who are central to the prosperity of the business. The insurance can't replace people but it can provide cash to buy time and cover the costs of temporary staff, recruitment, loss of profits or provide a cash injection.
The insurance falls into four categories ? insurance to help your business recover during the extended period when your key personnel are unable to work or to train or recruit a replacement, insurance to protect profits, insurance to protect shareholders or partnership interests, and insurance for anyone involved in guaranteeing businesses loans or banking facilities.
Keyman Insurance on those who are central to your business.
Who are your key people? They are the ones who steer, create and drive your business. The people without whom your business would lose sales and profits or without whom even the basic viability of your business would be shaken. Look at the Directors, Partners, owners and beyond. Consider the roles of senior managers in sales, technical development and operations ? the roles will change in every business but the candidates are sure to jump out at you.
Insuring these people will provide the extra cash needed to take on temporary staff or recruit and train a replacement.
Keyman Insurance to protect your Profits.
The effect of losing key staff goes well beyond simply the cost of their salaries and the cost of replacement. As they're central to the businesses prosperity, their loss will knock on to the bottom line. You can insure for loss of profits too!
Keyman Insurance to protect Shareholders or Partners.
Here we are talking about insurance to protect interests in the event of long-term illness or death. Families may want to sell their stake in the business but the remaining members in the business may not want those stakes held by newcomers. Keyman insurance schemes can be implemented which provide the necessary finance to buy the shares from the original shareholders or their estate.
Keyman Insurance insuring those who provide personal guarantees.
When a business takes out a loan or raises bank finance the lender is quite likely to require a personal guarantee or a charge on their personal property. This especially applies to small and new businesses. So what happens if these guarantors become seriously ill or die? The lenders may well be in a position to call in the loan. What happens then? Again, Keyman Insurance is the answer. Insurance can be structured to pay-off the loan and thus free the business and the guarantor's family, from major worry.
Most of the UK's leading insurance companies offer Keyman Insurance as a development of their Life and Critical Illness Insurance interests. They have all the necessary paperwork available to implement the cover you need and ensure the taxman is kept at bay.
So, can your business afford to ignore Keyman Insurance? You'll be either a brave or foolish man to say NO!
About The Author
Michael Challiner is an exclusive financial writer who writes articles primarily about UK family finance. One of the websites he writes for is Express Life Insurance who offer life insurance quotes as well as critical illness insurance. http://www.express-life-insurance.co.uk/faqs.htm. Additional reading - What is Family Income benefit Insurance ? - http://www.express-life-insurance.co.uk/what-is-family-income-benefit.htm
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Buying Life Insurance Online ? Is It A Really Good Idea?
Buying Life Insurance Online ? Is It A Really Good Idea?
by: Michael Challiner
The advent of the internet has opened up the possibility of cheaper life insurance for all.
In years gone by, if you were considering life insurance you would probably have invited an insurance salesman from your favourite insurance company to meet you or alternatively gone to your local insurance broker. But rarely would you have been courageous enough to get competitive quotations. It just wasn?t done. You trusted the salesman to do the best for you and surely you thought, life insurance is somewhat technical and requires specialised knowledge. All very cosy. All very expensive. How life has changed!
People now realise that life insurance is not that complicated. If on a scale of 1 to 10, buying car insurance online rates 9, life insurance must be a 7 or 8. This has opened up the Internet as a prime arena for cut-price life insurance. That?s not to imply that...
Buying Life Insurance Online ? Is It A Really Good Idea?
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Life Insurance Quotes
Life Insurance Quotes
by: Gary Tallon
Shopping online for life insurance quotes is becoming increasingly popular in the UK and throughout Europe. No longer do we have to spend hours on the telephone - much to our employer's disgust - divulging our personal details, only to find that the quotes from the life insurance companies are too expensive or don't match our needs. Neither do we have to concern ourselves with taking time off work to make appointments with life insurance providers, subjecting ourselves to hours of sales talk. Of course, all of these options are still available to consumers should they prefer them, but many are now voting with their mouse and turning to online sources for life insurance quotes.
Tracking down the best quotes for life insurance
Obtaining life insurance quotes online is quick and easy. We can start our search for life insurance at our convenience any time of the day or night. If we want to find life insurance...
Life Insurance Quotes
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The Life Insurance Policy and What You Need to Know Before You Buy
The Life Insurance Policy and What You Need to Know Before You Buy
by: Don Adams
Are you looking to buy a life insurance policy?
Well, be careful. Life insurance can be difficult to understand and it's easy to be conned into buying something under false pretenses.
Recently a prominent life insurance company together with several of its agents paid a huge fine because it permitted the sale of a life insurance policy disguised as a retirement plan.
There was little attention given to what a life insurance policy is truly designed to provide.
Life insurance is not an investment for your benefit.
It's guaranteed income tax-free cash paid to someone you designate in the event of your death.
If you deeply care for someone and want to protect them, then buying a life insurance policy makes sense.
As primary bread winner in your family, your lost income could jeopardize the ability of those you love to...
The Life Insurance Policy and What You Need to Know Before You Buy
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The Ins and Outs of Long-Term Care Insurance
The Ins and Outs of Long-Term Care Insurance
by: M. Sanders
If you aren't considering the purchase of long-term care insurance as part of your retirement planning, then your plan isn't complete. I'm not saying everyone needs long-term care (LTC) insurance, but I am saying you need to educate yourself about the issues and decide how you want to address those financial concerns.
According to a recent MetLife survey, the average cost of a private nursing home room is about $70,000 per year.
The average stay in a nursing home varies by the type of condition that put you in the facility. For example, those who suffered strokes require an average of 21 months of care, those with cancer average 36 months, and those with Alzheimer's average 96 months. There are a dizzying array of options and features you'll need to understand if you are thinking about buying an LTC policy.
What daily benefit will you need?
The higher the daily benefit,...
The Ins and Outs of Long-Term Care Insurance
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Life Insurance ? Why Does The UK Have A ?2.3 Trillion Protection Gap?
Life Insurance ? Why Does The UK Have A ?2.3 Trillion Protection Gap?
by: Michael Challiner
According to Swiss Re, one of the world's largest re-insurance companies, less than half of the UK population has any form of life insurance protection. They then go on to put a figure on the value of this protection gap. Using an average income of ?20,000 and assuming that the value of protection needed ranges between 5 and 10 times income, they put a value on the protection gap at ?2.3 trillion.
But in all probability, whilst the gap is huge, ?2.3 trillion is likely to be somewhat over stated. After all there are people who are disqualified from having life cover due to their age - just over 1 in 5 are under 18 years old, the minimum for life cover, and 1 in 6 are effectively uninsurable as they're over 65. Then there's a raft of persons for whom life insurance is just not necessary. These are people aged between 18 and 65 who do not have dependents...
Life Insurance ? Why Does The UK Have A ?2.3 Trillion Protection Gap?
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Travel Insurance ? Insurance For The Over 65's
Travel Insurance ? Insurance For The Over 65's
by: Michael Challiner
According to a survey published by Mintel, one in three pets needs an unexpected visit to the vet each year. This means that you are more likely to claim on your pet insurance than on a home & contents policy or even your car insurance.
The word ?unexpected? is important here. If you are looking for pet insurance to provide cover for routine treatments such as vaccinations or worming, forget it ? policies that do that are as rare as hens' teeth! And you won't find cover for elective treatments, such as neutering, either. This means that the most common reasons for visiting the vet are uninsurable.
But don't forget it's those unexpected visits that tend to be the expensive ones! Developments in animal care mean that more conditions can be effectively treated and costs of emergency care can be horrendous. A cat that argues with a car could cost ?700, even more, to treat....
Travel Insurance ? Insurance For The Over 65's
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How To Get The Best Child Life Insurance Quotes
How To Get The Best Child Life Insurance Quotes
by: Jon Butt
Getting child life insurance quotes on the net can be convenient, but are you sure that you are seeing the big picture?
You can see life insurance information child policies, but the words can be cryptic. The child life insurance coverage information could be well-hidden online too! Because child life insurance costs money, it's important to know precisely what life insurance coverage you can get. It may be best to talk to an authorized life insurance agent.
Question You Should Ask About Your Child Life Insurance
Is child life insurance really worth the premiums? Many question the importance of child life insurance. After all, if anyone needs to get insured, shouldn't it be the working parents? While this is indeed a valid argument, there are advantages to getting child life insurance.
It's not so much the benefits as it is about future eligibility. Child life insurance...
How To Get The Best Child Life Insurance Quotes
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Sleeping Bag Ratings - A New Idea
Sleeping Bag Ratings - A New Idea
by: Steve Gillman
It seems that sleeping bag ratings have no consistency. Temperature ratings are still determined entirely by the manufacturers of the bags. My 3-pound Sierra Designs bag, for example, was rated to 20 degrees. Honestly, it never kept me as warm as my 17-ounce Western Mountaineering sleeping bag, which is only rated down to 40 degrees. Isn't this a problem when you buy a bag? Maybe a 45-degree bag will keep you...
Sleeping Bag Ratings - A New Idea
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Holiday Table Strategies
Holiday Table Strategies
by: Joey Dweck
It?s that time of year again and for most of us that will mean rounds of parties, get-togethers and holiday dinners. While the holidays are a great time to get-together with family and friends, they can be a real threat to our diets. This year instead of giving up holiday get-togethers all together or giving in to the decadent fare spread out before you and regretting it later learn how to successfully manage the holidays...
Keyman Insurance ? Protect yourself against some of your biggest businesses risks. Holiday Table Strategies Term life insurance
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It's Spring - Time for a Compensation Program Tune Up
It's Spring - Time for a Compensation Program Tune Up
by: Michael Maciekowich
It's Spring - Time for a Compensation Program Tune Up
Now that winter has passed, the annual ritual of spring cleaning is in full swing. Spring cleaning is more than cleaning the windows and clearing the cobwebs that hid in the corners during the winter. ?Spring is a time to take a serious look at your compensation program and begin planning for the next budget cycle. Depending...
Keyman Insurance ? Protect yourself against some of your biggest businesses risks. spring break It's Spring - Time for a Compensation Program Tune Up Term life insurance
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End Work Related Stress
End Work Related Stress
by: Mark Altman
For many people, work is a stressful environment. Even worse, sometimes the anxiety and stress of work follows you home and saturates your thoughts in the evenings and on the weekends. One of the most important part of any stress reducing plan is to find a way to "shut off" thoughts of work after the day is done. Try this short exercise Dr. Sarah Brewer suggests in her book, "The Beginner's Guide To Relaxation".
The...
Keyman Insurance ? Protect yourself against some of your biggest businesses risks. End Work Related Stress hearing aids
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