Safeguard your business from the unexpected
The death or prolonged illness of a key employee could put your business under financial strain. One answer is to consider protecting the repayments involved in your asset finance agreement.
Keyman protection is insurance that covers you in these circumstances. It could pay off your finance when your business needs special support - after a death, illness or personal accident.
This cover is available with most types of Lombard finance, whatever the asset. It could cover any eligible person in your business who works more than 16 hours a week. There are three levels of cover available:
Keyman: Life and Personal Accident Cover - our basic level of cover
Features and benefits
- Easily available - covers Lombard finance agreements of up to 10 years' duration.
- Peace of mind - in the event of death, the outstanding finance balance* is settled in full.
- No medical is required for sums insured up to £150,000.
- Personal Accident cover also provides settlement of the outstanding balance on your finance agreement (subject to a maximum of £150,000*) in the event of serious accidental injury.
* Less any arrears of more than three months and any related interest or VAT. Amounts above this limit are subject to additional underwriting and approval by the insurer.
Keyman Plus: Life, Personal Accident and Accident and Sickness Cover
Features and benefits
- Extra protection - includes additional accident and sickness cover to that already provided by Keyman, including:
- Monthly repayments when a nominated employee is absent from work due to accident or sickness for 30 consecutive days. For cover of more than £3,000 per month a simple proposal form will need to be completed.
- Further payments will be made for each subsequent 30 days of inability to work for a full 12 months or until the nominated employee returns to work or when 24 payments have been made in total under the policy, whichever is sooner.
- The accident and sickness element of cover applies for up to five years from policy commencement.
Keyman Extra: Life, Personal Accident and Critical Illness Cover
Features and benefits
- Extra protection - adds critical illness cover to that already provided by Keyman including:
- Repayment of the outstanding balance under the agreement up to a maximum of £150,000* in the event that the nominee is diagnosed with one of the following disorders:
heart attack, cancer, stroke, major organ transplant, coronary artery by-pass surgery or kidney failure. For cover over £150,000 a simple proposal form will need to be completed.
- Repayment of the outstanding balance under the agreement up to a maximum of £150,000* in the event that the nominee is diagnosed with one of the following disorders:
* Less any arrears of more than three months and any related interest or VAT. Amounts above this limit are subject to additional underwriting and approval by the insurer.
Who is eligible to be nominated for Keyman cover?
| YES | NO | |
|---|---|---|
| Is the nominee over the age of 18? |  |
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| Is the nominee under the age of 65? | |
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| Is the nominee a key employee working over 16 hours per week? |
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| Is the company registered office in the UK? |
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| If taking out the policy on an individual basis are you a UK resident, aged over 18 and under 65, in active full time employment for at least 16 hours per week and have been so continuously for at least the previous six months? | |
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| If you have answered "Yes" to all of the above questions you are eligible to take advantage of one of the Lombard Keyman Protection Policies. Please contact your nearest Lombard Office to arrange cover. Cover can only be taken out in conjunction with a finance agreement arranged by Lombard. | ||
Keyman Protection (PDF, opens in new window) - download the full brochure here
Keyman - Keyman Plus - Keyman Extra Cover Summary (PDF, opens in new window) - download our key facts summary here
KEYMAN, KEYMAN PLUS AND KEYMAN EXTRA policies are underwritten by London General Life Company Ltd, registered number 2443666 and London General Insurance Company Limited, registered number 185673 whose head and Registered office are at: Eaton House, 152 - 158 Northolt Road, Harrow, Middlesex, HA2 OEA
The insurers are authorised and regulated by the Financial Services Authority with FSA registered numbers of 202801 and 202689 respectively which can be checked by contacting the FSA via the website at www.fsa.gov.uk (opens in new window) or by phoning 0845 606 1234
English law applies to KEYMAN, KEYMAN PLUS and KEYMAN EXTRA. Details of the Financial Ombudsman and Financial Services Compensation Schemes, which may apply here, are contained within the policy.
Your premium includes Insurance Premium Tax at the appropriate rate. If there is any future change in the rate of Insurance Premium Tax your premium will be automatically adjusted. Any alteration in the rate of this tax will be announced publicly.
Lombard North Central Plc is an appointed representative of The Royal Bank of Scotland plc, which is authorised and regulated by the Financial Services Authority.
For further information please contact us on 0800 502 402.
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