Executive Income Protection
The most valuable asset in any company is their staff, especially their key employees.
But what would happen if one of your key employees wasn’t able to work due to illness or injury?
How long could you pay them for? A week, a month, a year, indefinitely?
Most companies could not afford to pay a staff member indefinitely. So, what happens to the staff member then?
An employee is off on long-term sick leave. Maybe they qualify for State Ill Health Benefits. But will this really be enough?
A long-term illness does not 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 that can be put in place, by the employer, to protect up to 75% of an employee’s income, should they be 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 contributions.
- Attract and retain high calibre employees.
- Manage the cost of long term employee absence.
- 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.
- If the employee is unable to return to work, the plan will continue to pay a benefit to the employee until the selected cessation age (55, 60 or 65).
- Peace of mind if illness or injury means they cannot work resulting in a loss of income.
- Benefit payment can be automatically protected against inflation.
- Supplement your Social Welfare benefit.
- The monthly premium will be paid by the employer. The employee should not be liable for Benefit in Kind on the premiums paid (based on current BIK rules).
The plan 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.
Male, Age 40, Non Smoker
Occupational Class 1
Cover to age 65
Deferred Period of 26 weeks
|Allowed Income Protection Cover (75%)||€37,500|
|Less State Benefit.||€10,556|
|Annual Income benefit required||€26,944|
|Gross cost per month||€63.16|
|Net cost per month (40% tax relief)||€55.27|
Quote correct as at 15/06/2020