FAQs
Executive income protection is an insurance policy designed to provide key executives with a regular income if they are unable to work due to illness or injury. It ensures financial stability for both the executive and the business, protecting against the financial impact of their absence.
Key executives eligible for executive income protection typically include senior managers, directors, partners, or other individuals whose expertise, skills, or leadership are essential to the business’s success. it is crucial to identify and prioritise key executives when implementing this coverage.
Executive income protection is tailored specifically for key executives and offers higher coverage limits and more comprehensive benefits than traditional income protection insurance. It is designed to meet the unique needs and financial responsibilities of top-level executives within the organisation.
Executive income protection provides several benefits to businesses, including attracting and retaining top executive talent, minimising the financial impact of key executives’ absence due to illness or injury, and maintaining business operations and continuity during challenging times.
Yes, executive income protection can be structured to align with executive compensation packages, offering flexibility in terms of coverage levels, waiting periods, and benefit durations. This ensures that the coverage meets the financial needs and objectives of both the executive and the business.