Executive Income Protection
The most valuable asset in any company are their staff, especially their key employees.
But what would happen if one of your key employees wasn’t able to work due to an illness or an injury?
How long could you pay them for? A week, a month, a year, indefinitely?
Most companies couldn’t afford to pay a staff member indefinitely, so what happens the staff member now?
They’re off on long-term sick leave. Maybe they qualify for state ill health benefits. But will this really be enough?
A long-term illness doesn’t have to lead to financial hardship for the employees.
Talk to us today about Executive Income Protection and see how you can help safeguard your employee’s financial future.
An executive Income Protection Policy is a policy put in place by the company to protect up to 75% of an employee’s income if they are unable to work due to illness or injury.
What are the key benefits of Executive Income Protection?
- Protects the income of directors and selected key employees.
- Option to protect employer pension premiums.
- Attract and retain high calibre employees by providing access to a best in class employee benefit.
- Manage the cost of staff absence for your business.
- Contributions to an Executive Income Protection plan may qualify as an allowable business expense for tax purposes.
- Provision of Executive Income Protection promotes greater loyalty from employees.
- Peace of mind if illness or injury means they cannot work resulting in a loss of income.
- Benefit in payment automatically protected against inflation.
- Need not be totally reliant on Social Welfare.
- The monthly premium will be paid by the employer and the employee should not be liable for Benefit in Kind on the premiums paid (based on current BIK rules).
- If the employee is unable to return to work, the plan will continue to pay a benefit to the employer until the selected ceasing age (55, 60, or 65), should the employee continue to meet the policy claim criteria.
Can be tailored to complement the company’s sick pay arrangements.
Talk to us today on 045 899049 or go to the contact us page and send us a query to find out more.