Executive income protection is a product designed to replace the income of key individuals if they are unable to work through sickness or accident.
It allows an employer to offer extended sick-pay arrangements to valuable employees. Premiums are often tax-deductible and do not count as a benefit in kind (P11D).
Executive plans offer higher cover than personal plans – in some cases as high as 80% of the employees remuneration, which means they should always be considered for directors and business owners.
Income Protection insures against the risk of you becoming injured or to ill to work.
An executive income protection plan has an additional benefits in that it can be paid for by your business, which could make it a tax deductible expense, and it is not considered a benefit-in-kind.
Income from the plan is paid back to the company, and it can then be paid out to you, subject to tax, to replace your income.
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Ordinary income protection policies typically cover up to 50% of salary, but an executive income protection plan can do so much more.
With some insurers cover can reach 80% of gross remuneration (this includes salary and dividends), the premiums do not count as a benefit in kind so there is no additional tax to pay for the person covered, and the business can use the cost as an allowable expense.
All of this makes an executive income protection plan a very efficient way for business owners and directors to ensure they can get the best cover possible.
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Our advisers will take the time to understand exactly what you need protected and why, and advise you on the most suitable options for your budget.
Pay for private treatment and for care to suit your timetable and budget.
A range of features and cover is available, including 'six-week' budget options
Business owners and directors can save money with Relevant Life insurance.
You get the benefit of the cover while your company pays the premium.
Life Insurance can pay out if you die but what if you survive?
Critical illness insurance will pay out if you are diagnosed with a serious medical condition such as a heart attack, cancer or more.
Executive income protection plans allow for higher levels of cover than a personal plan.
As an owner or director your earnings are likely to be higher than average, which makes this increased benefit very valuable.
Your business is allowed to deduct the cost of your premiums as an allowable expense.
The right insurance product should be as effective and as tax-efficient as possible.
Cover up to 75-80% of your income
Regular monthly payments available
If you need to claim you can depend on regular income to ensure the essential bills for you and your family are paid.
Executive plans are highly tax-efficient
This page is for information and education and is not advice.
Our advice is always bespoke and in writing.
Contact us to discuss your needs or arrange a meeting with one of our chartered advisers.
Any companies and products mentioned are for information only and are not a personal recommendation.
BBi Financial Planning
The Old Court House
191 High Road
South Woodford
London
E18 2QF
Tel: 020 8559 2111
Email: enquiries@bbifp.com
BBi Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority. Our registration no. is 652403.
