Lock, stock and one smoking key person

Description

Our client is a limited company in the film industry that heavily relies on a single key person. The company had not addressed its key person protection requirements, which could leave them exposed in case of the sudden loss of that key person. The company recognized the risks and decided to take action to protect themselves and their business by taking out key person protection life and critical illness insurance for that key person.

Key Challenges

The main challenge was to find an appropriate insurance policy that would provide adequate coverage for the company and the key person. The policy had to be tailored to suit the unique circumstances of the key person. As the key person had a pre-existing medical condition that made it challenging to find a suitable insurance policy.

Outcome

The insurance broker worked closely with the company to find an appropriate policy that provided adequate coverage for the key person and the company. The policy provided a lump sum payment to the company in case of the death or critical illness of the key person, which would enable them to cover the costs of finding a replacement or continue business as usual.

Despite the pre-existing medical condition of the key person, we were able to find an insurance policy that provided coverage for both life and critical illness. As a result, the company was able to protect themselves from the risks associated with the loss of their key person. The successful outcome highlights the importance of addressing key person protection requirements and working with an experienced insurance broker to ensure that the policy meets the unique needs of the company and the key person.