The Executive Income Protection policy from UNUM is designed for small to medium size companies who are looking to offer selected employees the benefit of an extended sick pay arrangement.
The Executive policy offers an extensive range of benefit options which include:
- generous maximum initial benefit of up to £300,000 a year
- cover based on the client’s own occupation
- no premiums payable while benefits are being paid – free waiver of premium automatically included
- flexibility – benefit is paid direct to the employer, so it can either be passed on to the employee through PAYE or retained to support the business
- inflation protection – cover will be automatically increased each year in line with RPI
Executive Income Protection pays a regular monthly benefit in the event of an illness or injury (that leads to a loss of earnings) suffered by someone covered on the policy. This benefit can then be passed on to the employee to assist them in meeting their financial commitments without the worry of having to rely solely on state benefits whilst they are unable to work.
UNUM also offer the following services as standard for clients who opt to take out the Executive Income Protection policy:
- Assistance programme – LifeWorks: employees can get 24/7 access to lifestyle support, including face to face counselling. Note: Executive Income Protection customers are unable to access legal support or counselling services for other family members through this service.
- Vocational rehabilitation services: in the event of a claim for the income benefit, your clients can get practical help and guidance from our team of rehabilitation experts.
The Executive Income Protection has a number of choices available including the option to choose a level of cover up to 80% of the employees gross earnings including P11’d benefits and any dividends paid where these are directly linked to their performance within the business.
All of the above information has been sourced from http://www.unum.co.uk/
As with all income protection products there are terms and conditions applicable to the cover and there is a comprehensive application form that will need to be completed.
If you are looking for a Financial Adviser or Specialist Health Insurance broker to help you find the Income Protection policy that is best suited to your needs, the Medigest Business Directory can help you find a specialist in your area. https://www.medigest.uk/directory/