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Keyman insurance:

Can a Partnership take out policies
Last update : December 2011
Yes, but it's not Keyman insurance you need. Rather you should buy insurance called Ownership Protection or in the case of a Partnership - Partnership Protection. 

See below for links further explaining the difference.

All of these policies fall under the umbrella of Business Protection insurance, which is split 3 ways -
  • Keyman insurance/Profit Protection - Insures against the loss of a key person, perhaps CEO or star salesman. If the policy pays out it can be used by the company for a myriad of reasons, including offering financial security or training and recruitment

  • Profit Protection - Insures against loss of profits should a key person pass away or be unfit for work due to a critical illness

  • Ownership/Partnership Protection - Pays out a sum of money to the remaining directors/partners which enables them to buy out the deceased/critically ill director/partner
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