Key Person Income Protection
Protects against the financial impact to a business if a key employee can’t work due to illness or injury
Key Person Income Protection helps businesses who wish to protect against the financial impact of their employee becoming ill or injured. If the employee covered becomes incapacitated due to illness or injury and unable to work as a result, we will pay your client’s business a regular monthly benefit.
The benefit can be used to hire a temporary replacement employee, to protect a proportion of profits, or help with business loan repayments.
Reasons to recommend Key Person Income Protection
Key features and benefits
Designed to help small businesses
Reduces the impact of the incapacity of the key employee on the business at what would otherwise be a time of financial worry.
Navigate financial uncertainty
Cover can go towards loan repayments and protecting lost profits, or to hire a temporary replacement employee.
Fast underwriting decisions
80% of underwriting decisions receive an instant decision.
Return to work support
We’ll continue to pay a proportion of the benefit if the employee returns to work at reduced capacity.
Includes Waiver of Premium
Your client won’t have to pay their premium while the benefit is being paid.
Protect against inflation
Option to choose increasing cover, which increases in line with the changes in the Retail Prices Index.
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 |
The following applies:
|
| Type of cover |
|
| Minimum term | 5 years |
| Maximum term |
|
| Minimum age | From employee’s 18th birthday. |
| Maximum age | The day before the client’s 60th birthday to take out a plan. |
| Premiums | Payable monthly by Direct Debit. |
Benefits and options
| Deferred period | Your client can choose from 4, 8,13, 26 or 52 weeks. |
| 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. |
| Linked claims | Included |
| 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 |
| Increasing your cover (previously known as Guaranteed Insurability Option / Changing your policy) |
|
| Other changes | Your client can request to make other changes to their plan. A new policy may need to be set up. |
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.