Executive income protection protects businesses and their employees against the financial impact of a staff member being unable to work due to illness or injury. When a successful claim is made, the policy will pay a monthly cash amount based on the employee’s salary to the business.
The uncertainty and unease caused by the ongoing Covid-19 pandemic has meant that 2020 will go down in history as one of the most unprecedented in living memory. Now, as we enter 2021, health and wellbeing is going to remain high on people’s agendas as they reflect on the events of the past year.
How long could you and your family survive financially if you suddenly became unable to work? Would state benefits be enough to support you? How long would any savings you’ve accumulated last? If your answer to any of those questions was “I don’t know” then Income Protection (IP) might be something you want to find out more about.
Figures show that income protection (IP) sales are healthy. In fact, according to data released by the Financial Conduct Authority (FCA), IP sales in the first half of 2019 reached their highest level since FCA records began in Q2 of 2005.