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Key Man cheaper than businesses think says L&G

Small and medium sized business would survive less than a year if a key employee was lost with 54 per cent of companies having no protection against such a scenario Legal and General has warned in its annual Business Intentions study.

L&G say that many SMEs may not take out key person insurance because they think it costs too much, as respondents to the study overvalued its cost.

Its own key person cover costs £36.50 a month for £500,000 of life cover for a 39 year old, non smoking male, over five years.

The study was done using a ‘representative sample’ of firms employing between two and 50 people. There are roughly half a million of these enterprises in the UK.

The study was aimed at evaluating this groups take up of Business Protection insurance products.

Protection and housing director Graham Newitt says: "These firms are the backbone of British industry yet they leave themselves open to failure through circumstances outside their control when they could protect their survival for relatively little expense."

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