fbpx

Executive Income Protection

Executive Income Protection is a cost-effective solution that allows employers to provide income security for company directors in the event of an unforeseen illness or injury in their business.

This plan works similarly to an ordinary income protection policy offering a replacement income, only difference being, the executive income protection is taken out and paid for by the business on behalf of the Director or employee. In the event of a claim, the benefit is paid directly to the company who continues to pay the employee or director through PAYE whilst they are unable to work.

 

Protected Pension Contributions

In addition, the Income Protection plan can also allow for the cost of pension contributions to be covered. Contributions can be protected up to 33% of salary to a maximum of €50,000. The policy will also ensure employer pension contributions are maintained whilst claiming on the policy. 

In the event of an insurance claim, the insurance company will pay your benefit directly to you, after tax, USC and any other relevant deductions.

 

Tax Relief

The premiums that are paid for by the employer qualify as an allowable business expense that can be offset against corporation tax.

If you need to claim, the insurer will pay the income benefit to the employer, who passes it onto the employee through salary, making any relevant tax and USC deductions. With a tax deductible premiums, you will continue to be paid while you’re unable to work. 

Executive Income Protection

Understand your policy

As there are many options to this policy, it is important that you speak with a Smart financial advisor to make sure that you fully understand the policy and that you avail of the right type of cover that suits your requirements.

 

Need a Quote?

Fill out your details below, and one of our Qualified Financial Advisors will get back to you shortly.

DD/MM/YYYY
e.g. €40,000
Select 'Smoker' if you have smoked tobacco products in the last 12 months.
Any additional comments?

Got any questions?

Get in touch today

Phone