EXECUTIVE INCOME PROTECTION:
What is Executive Income Protection?
Executive Income Protection is a specialist insurance policy that provides a replacement income if a key employee or director is unable to work due to illness or injury. Unlike standard personal income protection, this policy is paid for by the business, ensuring continued financial stability for the employee while maintaining business continuity.
Why is Executive Income Protection Important?
For businesses, losing a key employee or director due to illness or injury can lead to financial strain, loss of productivity, and recruitment challenges. Executive Income Protection helps by:
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Providing a tax-efficient way to protect employee salaries – The business pays the premiums, and the employee receives a tax-free replacement income.
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Attracting and retaining top talent – Offering income protection as part of an executive benefits package enhances employee security and job satisfaction.
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Ensuring financial security – Key employees can focus on recovery without worrying about lost earnings.
How Does It Work?
The business takes out a policy on behalf of a key employee or director.
If the insured employee is unable to work due to illness or injury, the policy pays out a regular income (up to 80% of their salary).
Payments continue until the employee recovers, reaches retirement, or the policy term ends.
Who Needs Executive Income Protection?
This type of insurance is ideal for:
Company directors and business owners who rely on their salary or dividends.
Key employees whose absence could impact business operations.
High-earning professionals who require tailored income protection beyond standard personal policies.
Policy Features
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Cover up to 80% of gross earnings, including salary, dividends, and P11D benefits.
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Payments made directly to the business and passed to the employee as salary replacement.
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Flexible benefit terms, typically from 1 year up to retirement age.
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Options for additional cover, including employer pension and National Insurance contributions.
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Tax-efficient structure, where premiums may be treated as a business expense.
Key Benefits of Executive Income Protection
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Provides financial security if a key employee or director is unable to work.
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Helps businesses retain top talent by offering enhanced protection.
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Ensures business continuity by protecting against loss of productivity.
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A tax-efficient way to provide income protection compared to personal policies.
HOW CAN WE HELP?
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Our customisable insurance packages are designed with your specific needs in mind, ensuring that you are correctly covered. Plus, we're here to walk you through the entire process, ensuring that all your requirements are met and you have peace of mind knowing you are protected.
WHY CHOOSE COVERLIFE INSURANCE?
Our team of professionals have years of experience in the industry and can guide you every step of the way. We believe in providing quality advice and ensuring our clients have the right cover at the right price. So, whether you’re just starting out or looking to expand your business, trust CoverLife to provide you with the best possible insurance solutions.
KEY FEATURES:
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Why use CoverTrade Insurance?Regardless if you’re a tradesmen, shop owner, landlord, looking to cover your fleet of vehicles or have any other business requirements, Cover Trade are able to help with friendly and professional advice to get the cover in place you need.
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Why use CoverLife Insurance?CoverLife Insurance is here to safeguard your future and the people who depend on you. Whether it’s personal life cover, critical illness protection, or keyman insurance for your business, we make the process simple and stress-free.
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Our experienceWith our wealth of experience, knowledge of the market and network of insurers we’re able to find you the most comprehensive cover at the right prices without trying to upsell or oversell on an insurance you might not need.
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What are the benefits of talking to our team?Flexible payment options Dedicated account managers Out-of-hours contact should you need to make a claim or just have a question A quick and easy, pain-free service An excellent customer experience
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How quickly can you arrange my cover?We can arrange cover straight away giving you peace of mind.
Income Protection
Income Protection is a policy designed to pay you a regular monthly income if you’re unable to work due to illness or injury. It ensures your essential bills and living costs are covered while you recover.
Unlike statutory sick pay or short-term support, Income Protection can provide cover until you return to work, retire, or reach the end of your policy term – whichever comes first.
