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Executive
Income
Protection.
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Same Day Appointments
Let's get started today.
Quick Decisions
Stop waiting weeks to get a decision.
Transparent Advice
Don't be left in the dark anymore.
We Can Search Thousands Of Executive Income Protection Deals
The Journey to Protecting What Matters Most
Initial
Meeting
Let’s grab a coffee (or a Zoom). This is where we get to know you, your concerns, and your protection goals. Think of it as a relaxed chat to set you on the right path to financial security. You talk, we listen!
Personalised
Package
We’ll craft an insurance plan tailored to your needs, complete with all the suitable options. We’re like your personal insurance matchmaker, finding the best deal to make protecting what matter most easy.
We Do
The Rest
Leave the paperwork, provider chasing, and all the heavy lifting to us. All you need to do is sit back and relax while we make it happen behind the scenes. Our award-winning insurance team is available 7-days a week.
You Are
Covered!
Your new insurance is set up, and it’s time to pop the bubbly! Like all our 5-star customers, you are now financially protected should the worst happen.
“Going above and beyond is what we do; we LOVE our job, and most of all, we LOVE helping our clients.”
If you need any form of Executive Income Protection, make an appointment with one of our advisors today. We aim to make protecting your family as easy as possible.
Different Types of Executive Income Protection
To provide income replacement for a limited period.
- Coverage Duration: Typically covers income for up to 1-2 years.
- Benefits: Provides financial support during the initial period of illness or injury, allowing time for recovery without immediate financial stress.
To offer income replacement for an extended period.
- Coverage Duration: Can provide benefits until retirement age, usually up to age 65 or 70.
- Benefits: Ensures long-term financial stability if the executive cannot return to work due to a prolonged illness or permanent disability.
To provide coverage if the executive is unable to perform their specific job.
- Definition of Disability: Covers the inability to perform the duties of the insured’s specific occupation, rather than any job.
- Benefits: Offers a more comprehensive level of protection tailored to the executive’s unique role and skills.
To provide coverage if the executive is unable to perform any job they are reasonably suited for.
- Definition of Disability: Covers the inability to perform the duties of any occupation for which the insured is qualified by education, training, or experience.
- Benefits: Generally less expensive than own occupation policies but provides broader criteria for disability.
To offer income protection as part of a broader employee benefits package.
- Coverage: Provides protection for multiple executives or employees under a single policy.
- Benefits: Cost-effective solution for employers to offer comprehensive income protection benefits to their key staff.
To ensure a guaranteed benefit amount regardless of changes in income.
- Benefits: Provides a fixed monthly benefit, giving the executive certainty of income replacement during the policy term.
To maintain the real value of benefits over time.
- Adjustment: Benefits increase annually in line with inflation or a specified index.
- Benefits: Protects against the eroding effects of inflation, ensuring the benefit remains adequate.
Why Use Protex Financial For Executive Income Protection?
Here at Protex Financial, we strive to focus only on you; this is why we can offer the best range of Executive Income Protection advice with access to thousands of products the insurance market offers. Our Executive Income Protection brokers can search thousands of products to ensure you are getting the most suitable deal you can possibly get.
The FCA, the Financial Conduct Authority, regulates our team at Protex Financial. This means everything we do is for you; we must offer you the leading and most suitable Executive Income Protection options, rates, and business Insurance advice.
Frequently Asked Questions
Executive Income Protection is designed to assist both employee and employer in the event of either being off work due to illness or accident. Some of the benefits of Executive Income Protection are as follows…
Designed to cover your regular outgoings such as your mortgage/rent, food and bills.
You can cover up to 80% of your income, including salary and dividends, and you can even choose to protect pension contributions.
The policy can pay out from as short as one week waiting period.
A business (ltd company) can own and pay for the policy.
Protect your income right up until your expected retirement age.
With the ‘own occupation’ definition of incapacity, Executive Income Protection is designed to pay out if you can’t do your job. It protects against any medical eventuality (subject to a completed medical application/history) that prevents you from doing your job, including illness, accident & even unemployment (for certain policies).
An executive Income Protection plan is designed to help protect businesses against the financial impact of their employee’s incapacity on the business if they cannot work. Businesses can help protect not just an employee’s salary but can also cover dividends and P11D benefits, which form part of their overall remuneration. It’s a great way to help a business give confidence in financial uncertainty that often comes when someone is unable to work due to illness or injury.
An Executive Income Protection plan pays a monthly benefit to the business when employees are absent because they’re unwell or injured. The business’s monthly benefit can be used to help fund the employee’s ongoing sick pay. The payment allows employees to meet their financial commitments, ensuring they don’t need to rely solely on their savings or state benefits, giving confidence to the employee such that the worst happens and they cannot work due to sickness or accident.
Are you a director or contractor? Executive income protection is very popular within these job categories, as employees work through their limited company with little or no sick pay entitlement should they be too ill or injured to work.
When deciding whether you or your business could benefit from Executive Income Protection, you’ll need to weigh the risk of something happening and the consequences if that stopped you or specific staff members from working due to accident or illness.
Overall, it’s unlikely that state benefits would cut it if you or an executive had to replace your incomes while off work sick. What’s more, it’s clear that the risk of illness and injury, especially long-term illness or injury, is far higher than many people may think.
Our team of experts here at Protex Financial recommends you start looking for Executive Income Protection as soon as you are in a position, too. The likelihood of you or a key staff member being off work sick is one of the highest in the protection world.
Coverage needs depend on the executive’s salary, financial commitments, and lifestyle. To ensure adequate financial protection, it’s advisable to cover at least 50-70% of the executive’s gross income. Consulting with a financial advisor can help determine the appropriate coverage amount.
The tax treatment of premiums varies by jurisdiction and specific circumstances. In some cases, premiums may be deductible as a business expense if the policy is arranged and paid for by the employer. Consulting with a tax advisor or accountant is recommended for specific guidance.
The waiting period, also known as the deferment period, is the time between the onset of illness or injury and the start of benefit payments. It typically ranges from 1 day to 52 weeks. Shorter waiting periods result in higher premiums, while longer waiting periods reduce the cost of the policy.
There are several types, including:
- Short-Term Income Protection: Covers income for up to 1-2 years.
- Long-Term Income Protection: Provides benefits until retirement age.
- Own Occupation Income Protection: Covers inability to perform the specific job.
- Any Occupation Income Protection: Covers inability to perform any job.
- Group Income Protection: Coverage for multiple employees under one policy.
- Guaranteed, Indexed, Increasing, and Reducing Income Protection: Various policies adjusting benefits over time.
- Lump Sum Income Protection: One-time payment instead of regular benefits.
- Combination Policies: Mix of different coverages.
Yes, businesses can offer Group Income Protection policies that cover multiple executives or employees under a single plan. This can be a cost-effective way to provide income protection benefits and enhance employee retention and satisfaction.
Coverage can be short-term (up to 1-2 years) or long-term (until retirement age, typically 65 or 70). The duration should align with your financial needs and obligations. Long-term policies provide more comprehensive protection but come with higher premiums.