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Executive Income Protection

Our Executive Income Protection is designed for small/medium-sized businesses looking to offer selected employees the benefits of an extended sick pay arrangement.

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Important update - 1st December 2021

As part of a regular review into our offerings, we have made the difficult decision to exit from the Executive Income Protection market and close to new business – enabling us to focus on the areas that we see as future growth opportunities in line with our strategy.

Please be aware that we’re continuing to accept quotes for new business until 31st December 2021, with our medical underwriting team accepting new applications until 28th January 2022. Any active quotes within the guarantee period are being honoured.

We want to take the opportunity to reassure you and your clients that we will continue to service existing policies in the usual way that our customers expect going forwards.

SUPPORT SERVICES
Offering more than just insurance

Executive Income Protection customers have immediate access to a range of health and wellbeing support services.

  • Help@hand

    Providing insured employees with five key support services through one easy-to-use app - including remote GPs, mental health support and EAP access.
  • Employee Assistance Programme

    Our comprehensive EAP includes employee access to a 24/7 helpline, legal support, wellbeing content and tailored fitness plans.
  • Rehabilitation and return to work support

    Immediate access to specialist support to help individuals stay at work if struggling with a health condition or return to work after absence.

OVERVIEW
What is Executive Income Protection?

In the event of injury or illness that leads to loss of earnings, the plan pays a regular monthly benefit to the employer that can be passed on to the employee to help them meet their financial commitments.

Tailored cover

A range of flexible cover and benefit payment options enable an employer 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 insurance premiums paid in relation to the insured person
  • Benefits that can be paid on a level basis, or arranged from the start of the policy to protect against inflation - increasing at either a fixed rate of 5%, or in line with the Retail Price Index (RPI) - up to a maximum of 12% per annum
  • A Disability Plus Option that increases benefits in payment by 20% after the first two years of a claim
  • A lower-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

Benefit options

Executive Income Protection offers an extensive range of benefit options including:

  • A generous maximum initial benefit of up to £300,000 a year
  • Cover based on the executive'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 Retail Price Index (RPI)


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Useful resources

Application for the Executive IRP using Tele-Underwriting service - UP1281UW
PDF
Executive Income Protection Terms and Conditions - UP625
PDF

WHY CHOOSE US
Insurance with a difference

Our Executive Income Protection policy offers flexible cover options and a number of features to support your clients when they need it most.

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    Flexible cover options to suit budget

    A benefit of up to 80% of earnings with a market-leading maximum annual benefit of £300,000.

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    No automatic medical reports

    We won’t automatically request a GP report or medical because the benefit amount is above a certain limit. We only need further information if a medical condition disclosed on the application form requires investigation.

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    Guaranteed increase options

    Increase the amount of cover available without the need to complete a new application or go back through the underwriting process.

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    No standard exclusions

    There are no standard exclusions under our plan.

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    Portable cover if the employee leaves service

    The plan can be switched to a new employer or into the employee’s own name without further underwriting.

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    Specialist support to help employees back to work

    We have a team of specialists who can help to achieve a safe and sustainable return to work. Rehabilitation and reintegration programmes are an integral part of the claims management process and the support we provide.

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"My clients are safe in the hands of Unum, in my experience the most professional and caring support for executive income protection applications."
Lucy Thomlison
St. James's Place Wealth Management

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