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.
Reasons to recommend Executive Income Protection
If an employee leaves the business your client can transfer the policy to the new employer. Terms and conditions apply
Key features and benefits
Fast underwriting decisions
80% of underwriting decisions receive an instant decision.
Additional cover options
Cover employer National Insurance and/or employer pension contributions for an additional cost.
Increasing your cover 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.
Product details
For full details, see key documents for the Policy Summary and Policy Booklet.
Cover overview
For full details, download the Product Profiles PDF: 905KB document
| Minimum cover | No minimum amount of cover. Driven by minimum premium. |
| Maximum cover |
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| Employer pension contributions |
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| Employer National Insurance contributions |
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| Type of cover |
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| Minimum term | 5 years (if over age 45 when cover taken out) but cannot end before 50th birthday. |
| Maximum term | Policy must end after employee’s 50th birthday but before their 70th birthday or planned retirement date, whichever is earlier. |
| Minimum age | From employee’s 18th birthday. |
| Maximum age | The day before the employee’s 60th birthday. |
| Premiums | Payable monthly by Direct Debit. |
Benefits and options
| Increasing your cover (previously known as Guaranteed Insurability Option / Changing your policy) |
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| Other changes |
Your client can request to make other changes to their plan. A new policy may need to be set up. |
| Deferred period | Your client can choose from 4, 8,13, 26 or 52 weeks. |
| Linked claims | Included |
| Limited benefit period | Optional. The benefit for any individual claim is limited to 12 or 24 months, depending on which option is chosen from outset. |
| Proportionate Benefit | Included |
| Rehabilitation Support Service | Included at the point of claim. |
| Wellbeing Support | Access included. Service provided by RedArc Assured Limited. |
| Waiver of Premium | Included |
Key documents and tools for new business applications
Existing customers should always refer to the policy documents supplied when they purchased their product.
Key documents
Key documents
Tools and calculators
Support from Umbrella Benefits
Rehabilitation Support Service
Included as standard with income protection. Supports a quicker return to work, and good physical and mental health.
Wellbeing Support
Access included as standard on protection policies. Personalised practical and emotional telephone support from a registered nurse.