Key person cover.

Key person cover.

Business help when someone can’t be there to help.

What is Key person cover?

Running a good business means having great people. But if someone has to deal with an injury or illness and are unable to work, it can quickly lead to a range of business issues from managing workloads, loss of income, delays and even cashflow. Key person cover is the business partner you need for times like these.

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Features.

For established businesses:

  • Entry age for the insured person is from age 16 to 59.
  • Provided you keep paying your premium, your insurance ends when the insured person reaches age 65 or when the insured person is no longer employed.
  • You can pay fortnightly, monthly, quarterly, half-yearly or yearly.
  • You can choose to help protect your cover against inflation by having the amount you’re insured for increase each year.
  • Premiums are age related, with payments fixed for one year at a time.
  • The maximum monthly payout is $30,000 per month. Be aware that this is subject to financial and medical checks.
  • We always recommend chatting to an adviser about the right amount of cover for you.
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For newly established businesses:

  • Entry age for the insured person is from age 20 to 59.
  • Provided you keep paying our premiums, your insurance ends when the insured person reaches age 65 or when the insured person is no longer employed.
  • Premiums are age related, with payments fixed for one year at a time.
  • The maximum monthly payout is $4,000 per month. Be aware that this is subject to financial and medical checks.
  • At the third policy anniversary, the cover can be converted to income protection.
  • We always recommend chatting to an adviser about the right amount of cover for you.
Read Key Person cover info sheet

More about Key person cover.

more...
  • What is it?
  • Why should you have it?
  • What’s the deal?
  • Anything else?

What is it?

If a key team member in your business can’t work due to illness or injury, this insurance helps you financially so you can put measures in place to keep things running for up to two years until that person can return to work.

Why should you have it?

It keeps your business running smoothly, while taking the financial pressure off. You can use the payments in any way your business needs it.

What’s the deal?

You pay an amount of money (called a ‘premium’) for a policy. The policy is a contract so you know exactly what we’ll pay out for. As long as you keep paying for your insurance with us, and the policy terms and conditions have been met, we’ll pay out for everything we agreed. This insurance will also end when the insured person hasn’t been actively engaged in the business for more than 60 days for reasons other than a claim. This covers situations such as where the key person leaves your business or you sell the business.

Anything else?

Your business will need to have been up and running for at least three years. But if you’re newly self-employed, you can apply for Key person cover as a new to business cover with a reduced policy amount and a one year benefit period – some specific conditions apply though.

Questions? Start here.

We’ve compiled a list of the most commonly asked questions about this cover.
For a good overview of the ins and outs, it’s worth reading the info sheet.

Why choose Fidelity Life.

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* Fidelity Life has an A- (Excellent) financial strength rating from A.M. Best. The rating scale that this rating forms part of is available for inspection at our offices. For more information please visit Fidelity Life's financial strength page.

Disclaimer – the information contained in this webpage is a summary of the key points of this insurance policy and is general in nature. It is not, and is not intended to be, a policy document.

Details of definitions, benefits, standard exclusions/limitations, terms and conditions are contained in the full policy documentation which is available from your financial adviser. Please refer to current policy documents for specific details. This webpage does not provide a personalised financial advice service.