Executive Income Protection: taking the financial strain out
Our recent State of the Nation research found that 84% of small businesses were open to finding out more about Executive Income Protection.
The ability to offer employees of SMEs enhanced sick pay is an appealing option to many business owners, as well as for self-employed contractors and freelancers. Executive Income Protection is similar to personal income protection in that it is written on an individual basis on the life of the employee – the difference is, that the business owns the policy.
The benefits of Executive Income Protection
- High Levels of cover available – 80% of the employees annual earnings up to a maximum monthly benefit of £25,000 (£300,000)
- Attract and retain skilled staff- Small businesses are often too small to qualify for a group risk scheme however, by using Legal & General’s small business plans they can offer competitive employee benefits packages.
- Combine with a Relevant Life Plan – Used in combination with a Relevant Life Plan may make sense when tailoring a tax efficient benefits package for an individual employee.
Please visit our dedicated Exec IP page for the full details and to for practical advice on how to play a vital role in helping small businesses thrive no matter what, please read our State of the Nation Report 2021
