How to Get a Keyman Insurance Quote in the UK (2026 Step-by-Step)

Getting a keyman insurance quote in the UK is fast — under two minutes for an indicative price — but only useful if you give insurers the right inputs. Here is the exact information you need to hand, the steps to follow, and how to avoid the three most common mistakes that inflate your premium or invalidate the cover at claim.

Quick facts: what insurers ask for at quote stage

• Key person’s date of birth, gender, smoker status (any nicotine in the last 12 months)
• Sum assured (£100k–£2m+)
• Cover type (life only or life + critical illness)
• Term length (5/7/10 years or “to age 65/70”)
• Premium type (guaranteed or reviewable)
• Occupation and approximate income
• Business name, postcode, business type

Step 1 — identify the key person and the loss they would cause

The first decision is who you are insuring. The right answer is whoever generates a disproportionate share of revenue, holds critical relationships, or is named on a loan/contract. For most UK SMEs that is the founder, MD or top revenue-generator. If multiple people would each cause material damage, you may want separate keyman policies on each.

Step 2 — calculate the sum assured

The three industry-standard methods, all acceptable to UK insurers:

1. Multiple of salary — typically 5–10× the key person’s gross annual salary.
2. Multiple of gross profit contribution — typically 1–3× the GP they personally generate per year.
3. Outstanding loan / personal guarantee value — the lump sum you would need to clear company debt the key person backs.

We have a fuller calculator and worked examples in How much keyman cover does your business need?

Step 3 — choose the right cover type

Step 4 — run a whole-of-market quote

Pricing varies materially between insurers, especially at higher sums assured or older ages. A whole-of-market UK broker will quote across (typically) Aviva, Legal & General, LV=, Royal London, Vitality, Zurich and Scottish Widows, and present you with the cheapest price and the best terms (which are not always the same insurer). Submit through the keyman insurance form — the underwriting questions are deliberately short at quote stage; full medical disclosure happens later only with the chosen insurer.

Step 5 — apply, complete underwriting, go on cover

1. Pick the chosen quote and provider.
2. Complete the full medical questionnaire (online or by phone with a tele-interviewer).
3. If required, attend a free nurse-screen or release a GP report.
4. Receive the offer of terms (price, exclusions, loadings if any).
5. Sign the application; the company sets up the direct debit; cover starts.

Healthy applicants under £500,000 of cover are usually on-risk in 3–10 working days. Larger sums assured or complex medical history can take 3–6 weeks.

Three mistakes that ruin a keyman insurance quote

1. Under-disclosing health history. Insurers cross-check GP records at claim. Anything material that was not disclosed can void the policy.
2. Choosing a term that is too short. If you renew at the end of a 1-year term you are re-underwritten at the new (older) age and any new conditions are now pre-existing.
3. Insuring the wrong person. If the policy is owned by the company on a major shareholder rather than a true employee, HMRC may treat the premiums as a benefit-in-kind and the payout as taxable in a way you did not intend. See Keyman insurance and corporation tax.

Other finance & protection products to consider alongside keyman

• Business insurance — PI, employer’s liability, cyber, the operational covers every business needs.
• Key person protection for limited companies — same product, modern name.
• Growth Guarantee Scheme — if you have GGS-backed debt, lenders often want keyman cover on the named director.
• Unsecured business loans — ditto, especially where a director’s personal guarantee is in place.

Frequently asked questions about getting a keyman insurance quote

Can I get a keyman insurance quote without a medical?

Indicative quotes need only basic info. Full underwriting always includes a health questionnaire; medical evidence (GP report or nurse screen) is only required for higher sums assured or disclosed conditions.

How long does a keyman insurance quote take?

Indicative quotes: under 90 seconds. Full quote with terms confirmed: typically same working day. From quote to on-risk: 3–10 working days for a healthy applicant.

Will applying affect the key person’s personal life insurance?

No. The two policies are separate and most insurers accept concurrent business and personal cover.

Is the quote price guaranteed?

Indicative quotes are subject to underwriting. The final price is fixed only after the medical questionnaire and any required evidence is reviewed.

Can I compare keyman quotes across multiple UK insurers?

Yes — whole-of-market brokers quote across the major UK life-and-protection insurers in one go and present the best price and the best terms.

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