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Keyman insurance: How long does a policy last for
A minimum of 1 year but of course you can elect to pay the premiums for as long as you want.

Normally however a company will evaluate the policy at least once a year often tweaking certain points.

Perhaps for example a key member leaves or retires, new key members are employed etc. Also, many companies use a form of Keyman insurance called Loan Protection. And as the name suggest only the company's debts are insured against a key person dying or suffering from a critical illness.
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