Key Person Insurance

Protection when you lose your biggest asset - your people

As a business owner, often you are the business but you may have other people around you who are equally important to the continued success of your business. We refer to these as key people in your business. What happens to your business if one of these key people is unable to work or dies?

The purpose of key person cover is to make sure that the business is not unduly financially  affected by the unforeseen death or disability of a key person in the business. Usually a key person is essential to the performance and on-going profitability of the business and is an arm’s length employee, director or contractor who either:

  • possesses proven knowledge and/or experience in a specified field of expertise;
  • performs important tasks or processes; and/or
  • has valuable personal and/or business contacts.

There are a couple of key questions when considering key person insurance:

  • Who are the key people in your business? Who is responsible for the generation of income or repaying debts in your business?
  • What is the purpose of the money? Is it to replace lost revenue in the business or to repay debts?
  • How much money would the business need? This is where professional advice can give you the edge in protecting your business and provide you with a suitable solution.

Your Life & Risk Insurance Advisors

At McKenzie Ross Financial Services we tailor the key person insurance advice to meet your individual needs. We deal with all the major life insurance companies in Australia and can find you the best deal for your current situation.


PRPIA Pty Ltd (ABN 61144888433) trading as McKenzie Ross Financial Services is an authorised representative of Charter Financial Planning Limited, Australian Financial Services Licensee

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