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This type of policy pays out a regular monthly benefit should the insured key employee or director become too ill or injured to work. It is popular with contractors and directors working in their own limited company and covers up to 80% of their income (wages or dividends) in a tax-efficient way. Read more
Executive Income Protection operates in a very similar way to Personal Income Protection, providing a regular income if the person insured is unable to work due to illness or injury.
The main difference between the two types of policy is that Executive Income Protection can cover up to 80% of the individual's income, whether from wages or dividends or both, whereas most standard policies typically only cover up to 60%.
As such, it is an attractive benefit for high-earning small business owners and contractors.
The cost of the premiums is determined by how much cover is required, the age of the individual to be covered, any existing or past health conditions, what their current role entails, how long the cover is to last, and how long they are prepared to defer the first payment.
The premiums are paid by the company and are tax-deductible, which is an additional saving compared to personal policies.
Along with other benefits available, Executive Income Protection can be a valuable component of an overall financial plan, especially those with high incomes and significant financial responsibilities.
This type of policy can provide a complete tax-free solution to life insurance for company directors where both the premiums and the lump-sum payment in the event of a claim are tax-free. The premiums are not classed as a benefit-in-kind and, if the policy is written into a discretionary trust, then any payout is not subject to inheritance tax. Read more
If you’re a company director and you have life insurance in place to protect your family, you could be paying more tax than you need to.
Relevant Life Policies are a way of providing death-in-service benefits on an individual basis no matter how small your business is. They are not classed as a ‘benefit in kind’ so no tax is payable on the premiums. In most cases the benefits can be paid free of inheritance tax provided the benefits are payable through a discretionary trust.
What are the benefits?
What are the advantages of using a discretionary trust?
Are there any limits to the cover I have?
Who are relevant life policies suitable for?
This type of policy protects businesses financially if a key individual within the business (typically a company director) dies or can no longer act in any capacity with immediate effect in the event of serious illness. It is often required by lenders to cover the full repayment of a loan. It is an important consideration for many small and medium-sized businesses. Read more
Key Man Insurance or Key Person Insurance is essentially a form of life insurance for businesses. It is generally taken out by a business to compensate for financial losses that would arise from the death or extended incapacity of the key individual(s) of the business specified in the policy, and in turn ensure the continuity of the business.
There are generally three categories of loss for which Key Man Insurance can provide compensation:
As a result, a Key Man or Key Person can be anyone directly associated with the business whose loss can cause financial strain to the business. For instance, they could be a Director of a company, a Partner, key sales people, key project managers and people with specific skills or knowledge which is especially valuable to the company.
For free advice, speak to a UK based adviser on
0333 987 3960* (9am-5pm Mon-Fri)
The telephone service is provided in partnership with BQI Protection Ltd and the quotation service is provided by an FCA-authorised insurance specialist
Executive Income Protection is a type of insurance policy that provides a regular income to a business if a key executive or employee is unable to work due to illness or injury. This ensures that the business can continue to meet its financial obligations and maintain stability during the absence of a crucial team member.
For expert advice, speak to a UK-based adviser on
0333 987 3960* (9am-7pm Mon-Fri)
Our team of experienced advisers can help guide you through the options and provide access to the best deals in the market.
It is possible to be protected with a life insurance or critical illness policy within 20 minutes provided the insurer does not require a GP report or medical.
A GP report or medical is normally required for large amounts of cover (over £400,000), or if your BMI is over 30, or you have any significant ongoing or past medical issues, or if you are involved in dangerous job or high risk hobby.
Find out how much cover you might need by using our simple online calculator. It will take into account your outstanding mortgage, any loans or credit cards, your monthly income and how many children you have.
Ultimately the right amount of cover is often a balance between what might be an ideal figure and what you can sensibly afford.
We have tracked down the very best protection insurance advisers in the UK to ensure you have access to great advice and the best products from the leading insurers.
Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.
Outstanding service and knowledgeable customer service rep. I received a call as promised in my email. Marie was very knowledgeable in her subject matter, she took some basic details and was very polite and courteous in her manner.
Marie was very sensitive when discussing personal circumstances and listened carefully and showed...
N Marsden
This type of policy pays out a regular monthly benefit should the insured key employee or director become too ill or injured to work. It is popular with contractors and directors working in their own limited company and covers up to 80% of their income (wages or dividends) in a tax-efficient way. Read more
Executive Income Protection operates in a very similar way to Personal Income Protection, providing a regular income if the person insured is unable to work due to illness or injury.
The main difference between the two types of policy is that Executive Income Protection can cover up to 80% of the individual's income, whether from wages or dividends or both, whereas most standard policies typically only cover up to 60%.
As such, it is an attractive benefit for high-earning small business owners and contractors.
The cost of the premiums is determined by how much cover is required, the age of the individual to be covered, any existing or past health conditions, what their current role entails, how long the cover is to last, and how long they are prepared to defer the first payment.
The premiums are paid by the company and are tax-deductible, which is an additional saving compared to personal policies.
Along with other benefits available, Executive Income Protection can be a valuable component of an overall financial plan, especially those with high incomes and significant financial responsibilities.
This type of policy can provide a complete tax-free solution to life insurance for company directors where both the premiums and the lump-sum payment in the event of a claim are tax-free. The premiums are not classed as a benefit-in-kind and, if the policy is written into a discretionary trust, then any payout is not subject to inheritance tax. Read more
If you’re a company director and you have life insurance in place to protect your family, you could be paying more tax than you need to.
Relevant Life Policies are a way of providing death-in-service benefits on an individual basis no matter how small your business is. They are not classed as a ‘benefit in kind’ so no tax is payable on the premiums. In most cases the benefits can be paid free of inheritance tax provided the benefits are payable through a discretionary trust.
What are the benefits?
What are the advantages of using a discretionary trust?
Are there any limits to the cover I have?
Who are relevant life policies suitable for?
This type of policy protects businesses financially if a key individual within the business (typically a company director) dies or can no longer act in any capacity with immediate effect in the event of serious illness. It is often required by lenders to cover the full repayment of a loan. It is an important consideration for many small and medium-sized businesses. Read more
Key Man Insurance or Key Person Insurance is essentially a form of life insurance for businesses. It is generally taken out by a business to compensate for financial losses that would arise from the death or extended incapacity of the key individual(s) of the business specified in the policy, and in turn ensure the continuity of the business.
There are generally three categories of loss for which Key Man Insurance can provide compensation:
As a result, a Key Man or Key Person can be anyone directly associated with the business whose loss can cause financial strain to the business. For instance, they could be a Director of a company, a Partner, key sales people, key project managers and people with specific skills or knowledge which is especially valuable to the company.
For free advice, speak to a UK based adviser on
0333 987 3960* (9am-5pm Mon-Fri)
The telephone service is provided in partnership with BQI Protection Ltd and the quotation service is provided by an FCA-authorised insurance specialist