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You Are Here: Home > Personal Finance > Keyman insurance > FAQs > Question & answer
The difference between Keyman Insurance

and Life/Critical Illness cover
Last update : December 2011
Critical Illness is a personal insurance policy. So you personally pay the premium and if it pays out you'll receive all the financial benefit.

And a Life insurance policy is similar, ie it's a type of personal insurance but of course pays out only when you die.
Keyman insurance is a corporate policy where a company pays the premiums and in turn receives the financial compensation should the policy pay out.

The sums insured via Keyman policies are also normally more expensive, often running into hundreds of thousands of pounds.
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