Choice of plans to meet business and employee needs
Executive Income Protection can help small business clients by protecting against the financial impact of their employee becoming ill or injured and unable to work.
The plan is designed to pay a monthly benefit to the business in the event of a valid claim. This can be used to fund the employees ongoing sick pay so they can meet their financial commitments whilst not leaving them to rely solely on their savings or state benefit.
Cover can include the employee’s earnings, dividends and P11D benefits. Additional cover can be arranged at an extra cost to cover employer pension contributions and National Insurance (NI) contributions.
Key features and benefits
Fast underwriting decisions
83% of underwriting decisions receive an instant decision.
Additional cover options
Cover employer National Insurance and/or employer pension contributions for an additional cost.
Changing Your Policy option
Allows your client to increase cover on specified events, without further medical questions. Eligibility criteria and restrictions apply.
Protect against inflation
Option to choose increasing cover, which increases in line with the changes in the Retail Prices Index.
Includes Waiver of Premium
Your client won’t have to pay their premium while the benefit is being paid.
Cover can include spousal earnings
Cover may also include taxable earnings payable to the employees’ spouse or civil partner by the policy owner during the same period which would stop because of the employees’ incapacity. Please see Policy Booklet for details.
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For full details, see key documents for the policy summary and policy booklets
For full details, download the product profiles document.
|Employer pension contributions||
|Employer National Insurance contributions||
|Type of cover||
Benefits and options
|Changing your policy (previously known as Guaranteed Insurability Option)||
|Limited benefit period||
|Rehabilitation Support Service||
|Waiver of Premium||
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