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As I’m creeping up in years, and the business grows, I keep coming back to this question. Do I need Keyman Insurance?

I have a sickness plan. I took it out over ten years ago and it’s with a company called CETA. The renewal comes every year. The money goes out of the account and I don’t even look at it.

I started the policy when I was worried about paying the mortgage, fifteen years ago but I think I’ve out grown it. This leads me to ask, do I need Keyman Insurance?


I’m not a financial advisor, I have no qualifications in this area. So don’t do anything without talking to a professional


However, I am a real person, in a real business that has real worries about what happens if I was taken out of the business. So now it’s time to look at the big picture.

Keyman Insurance

Simon my employee working away

My employee is a good guy. he runs the show when I’m away and does a good job.

This arrangement works well, however, long-term, I realise I need a plan. Keyman insurance may well be part of this plan.

What is Keyman Insurance?

According to some internet reasearch, (and we all know how that can be) forty six percent of businesses stop trading if the key person in the business dies, or becomes terminally ill. That’s not good.

So Keyman insurance pays out a lump sum to the business upon death of the insured person, and this is supposed to comfort the blow of losing the most important person in the business. But does this help me?

If I’m taken out of the equation, the business would be sold and my wife would get a payout for what it’s worth.

It’s never been our plan for her to keep running it, so is there any benefit to a cash injection into the business once I’ve gone?

I’ll be researching this over the next few week. I have a meeting with a professional and will report back.

I know I need something more to help Caron and the kids, but despite the hype, I’m not sure that this is it. The main thing is deciding what is right for you. There will be lots of people, trying to sell you lots of stuff. Do you really need it?

Look out for updates over the coming weeks and months and

Thanks for reading





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