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Call 091 740700
Email adrian@mfs.ie

No self respecting business organisation should leave their key employee(s) uninsured. Their death or incapacity could leave your business in deep financial trouble.

Most businesses which rely on key individuals have this form of insurance. Key Person Insurance provides either a lump sum death benefit or regular payments to your business when that key individual is unable to work for reasons of illness, accident or injury.

Keyperson Cover is a Life assurance or Serious Illness policy effected by an employer on the life of a key employee, who may also be a shareholder or director, to protect the company against the financial consequences they would suffer as a result of that individual’s sudden death or serious illness.

A keyperson is any ‘key’ or important employee or director on whom the business depends for its continued success, or existence, and on whose death or serious illness the business could suffer a financial loss. The cover is designed to protect the value of the company’s human assets in much the same way as fire insurance protects a company’s physical assets.

It can provide an immediate lump sum payment to the company for them to use these funds in any way it chooses:

  • repayment of bank loans, particularly any to which the key individual has given a personal guarantee.
  • repayment of any loans the key person may have made to the company.
  • recruitment of a successor.
  • investment in the business.

The most important point to consider in relation to the taxation of key person contracts is whether the proceeds payable on death or serious illness will be liable to tax. For that reason it is vital to get advice.

Is this something that you should be thinking about ?

How we can help you:

  • By calculating the right level of cover
  • Identifying the key individual(s) and areas of risk to your business
  • Arranging the cover in the most tax efficient way for your business

Testimonials

“Murray Financial Services was recommended to me by a friend, and they now manage my family cover and pension.”

Stephen, Mayo

“I contacted Murray Financial Services after moving to a new company, I needed professional advice as to how I take my pension with me. They looked after the entire process, they were clear about the procedure and options available to me. I found all the team to be very helpful and I have been dealing with them ever since.” 

Sean, Galway

“We have Murray Financial Services look at our life cover and they got myself and my husband an additional €100k life cover each.” 

Tom & Sarah, Dublin
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