Legal & General has launched an online ‘key person’ valuation tool on its business protection microsite. Its aim is to help advisers use the most appropriate method of calculating the sum assured for key person protection.
The tool, L&G says, allows advisers to conduct an “informed discussion”” with their clients about the value of key business people and the amount of protection they may need. Value can be measured in terms of a key person’s replacement cost or the impact of the loss on the businesses profits.