Unum's Executive Income Protection is designed for small/medium size businesses looking to offer selected employees the benefits of an extended sick pay arrangement.
In the event of injury or illness that leads to loss of earnings, the plan pays a regular monthly benefit to your client that can be passed on to the employee to help meet their financial commitments, without having to rely solely on state benefits.
A range of flexible cover and benefit payment options enable your client to tailor cover to meet the needs of their business as well as their employees. Options include:
- choosing a level of cover up to 80% of the employee's gross earnings, including P11D benefits and any dividends paid where this is directly linked to their performance within the business
- the option to cover employer National Insurance contributions and any pension/life assurance premiums paid in relation to the insured individual
- benefits that can be paid on a level basis, or arranged at inception to protect against inflation - increasing at either a fixed rate of 5%, or in line with RPI (up to a maximum of 12% p.a)
- a Disability Plus Option that increases benefits in payment by 20% after the first two years of a claim
- a low cost option with a choice of 2, 3 and 5 year benefit payment periods
- Guaranteed Increase Options that enable cover to be increased without further underwriting on every third policy anniversary or at key life stages such as marriage, having children, or in the event of a promotion-related salary increase
Executive Income Protection offers an extensive range of benefit options:
- 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
Additional services at no additional cost
Your clients have access to the following services, as standard, when they take out Executive Income Protection:
- 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.
***Cover depends on scheme level - terms and conditions apply.***