Executive Income Protection
Ensure your team’s financial security
We can help you introduce the support your people need to get back on their feet when they’re unable to work.
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A helping hand for your employees
If your employees can’t work, they’re not able to earn. Providing them with an income protection benefit ensures they can remain financially secure during periods of illness or injury and potentially return to work faster.
With Income Protection Insurance, covered employees receive a regular wage, typically between 50-70% of their normal income, easing their worries during difficult times. It’s a safety net for them that promotes loyalty and demonstrates your investment in their success and well-being. As a limited company, you can also transfer the cost of the premiums to your business expenses, making them tax deductible.
Benefit your people and your business
Our experts can guide you through the various Income Protection policies available to ensure your employees are covered based on their current circumstances and unique needs.
Speak to an expertImportant Info
It’s important to understand that our statements concerning the tax treatment of products and their benefits are based on our understanding of current tax law and HM Revenue and Customs practice. Levels and bases of tax relief are subject to change, which is why it’s important to speak to us for the most up-to-date advice.
Get the facts
For more information, please download our guide to Executive Income Protection.
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FAQs
How does Executive Income Protection work?
Executive Income Protection (EIP) covers an employee’s sick pay if they are unable to work due to illness or injury. The benefit is paid to the company, which then passes it on to the employee, with tax applied at that stage.
Who is the owner of an Executive Income Protection (EIP) Plan?
The policy is owned and funded by the business, not the insured individual.
How long does income protection last?
You can choose the policy duration, but it cannot extend beyond your retirement age.
What is short-term income protection?
A short-term income protection plan provides coverage for a portion of your income if you’re unable to work due to illness or injury, typically for up to 12 or 24 months per claim.
What is long-term income protection?
A long-term policy covers a portion of your income until you either return to work or the policy expires. Most plans offer coverage up to retirement age.
What is a deferral period?
The deferral period is the waiting time between becoming ill or injured and when you can start claiming benefits. Shorter deferral periods increase the cost of the policy.
For example, if you have three months of sick pay and savings to cover two additional months, a five-month deferral period may be suitable.
What is "waiver of premium"?
Waiver of premium is a feature that covers your insurance payments while you’re claiming benefits. This is typically included as standard with executive income protection.