We know that small businesses and contractors can be particularly vulnerable to the impact of long-term sickness. While statutory sick pay is available, it rarely stretches far enough, potentially leaving you out of pocket and struggling to pay bills.
This is why many people seek out Executive Income Protection. It’s a form of sick pay insurance designed for a single person within a business. In the event of a successful claim, it pays out a pre-agreed sum to the business, which, in turn, pays the sick person via payroll.
The amount covered can be up to 80% of an employee’s salary and can also cover dividend payments, pension contributions and National Insurance.
The clients we typically work with are company directors and contractors, where the loss of income can have a serious impact. However, Executive Income Protection can be used to cover any key member of your team.
You can find out whether Executive Income Protection is a suitable – and affordable – option by speaking to our independent financial advisers at Engage Wealth Management. You can be assured that we’ll only ever give advice that’s in your best interests.
Arrange a free discovery call with our FCA-regulated policy experts to find out how we can help: [email protected] or 01273 076587
Engage Wealth Management has in-depth knowledge of the income protection market which enables us to explain the intricacies of different policies and providers in straightforward language.
Our advisers will help you quickly discover whether Executive Income Protection is a suitable option for your business and at what price.
You’ll have ample time to quiz our advisers and get all the answers you’re looking for before making a decision.
We’ll start by sitting down and discussing the reasons why you want cover. What is your current financial situation? How much risk would a loss of income pose? You’ll also have plenty of opportunity to quiz our experts.
If you’re happy to explore your options further, we’ll determine the amount of cover you need and start sourcing tailored quotes from insurers.
We can often negotiate better terms than you would otherwise find in the market. You’ll receive a recommendation based on our in-depth knowledge of the market, with quotes considered from all available providers.
You will be given as much time as you need to make a decision and we’ll be there to answer any further questions you have about the policy.
If you decide to buy Executive Income Protection we’ll set it up with the insurer on your behalf and take care of all the paperwork. We’ll also support you throughout the underwriting process.
We’ll be on-hand to answer any further questions throughout the life of your policy, including providing claims support, should you need it.
You can contact us should you wish to review the policy in the future. We’ll be happy to re-evaluate on your behalf.
“Prior to owning my own home I wanted to make sure that I had sufficient life insurance and income protection in place to financially protect my family should the worst happen... “Oliver was incredibly knowledgeable on the variety of income protection available and really helped explain them without confusing me... Nothing could have gone smoother or been explained any clearer, really happy with the service I received.”
As well as being experienced in arranging Executive Income Protection policies for clients, our pensions advisors carry the relevant industry qualifications, including the Diploma for Financial Advisers (DipFA) and Diploma in Financial Planning (DipPFS) from LIBF and the CII respectively.
Our advisers also hold qualifications in mortgages, equity release, long-term care and Pension Transfer Specialist (PTS) qualifications.
Engage Wealth Management works with a broad range of businesses, ranging from start ups with 10 employees to businesses employing 1500 staff.
The many positive comments and reviews we regularly receive from our clients is perhaps the best evidence of our expertise as workplace pensions advisors.
Engage Wealth Management previously worked with two founders of a software company who had no income protection policy in place – posing a potential risk to both themselves and the company.
“I highlighted that arranging Executive Income Protection through the company could allow them to secure more cover for themselves and be more cost-effective,” said Luke Comerford, Financial Adviser at Engage Wealth Management.
“This is because Exec IP can cover employers’ National Insurance contributions and pension contributions, on top of their earnings. Neither a Group Income Protection policy nor personal plan would be able to do this.”
This meant they could secure the maximum Executive Income Protection coverage. Not only will both founders’ income continue if they become ill, but their pension pots will continue to grow as well.
Engage Wealth Management featured in VouchedFor’s Top Rated Financial Adviser Guide, as published in The Times and The Telegraph. We’ve also featured in Sussex Business Times (SBT), Citywire, Financial Planner Life podcast and Fund Your Retirement podcast.
Are you looking to better protect your earnings? Contact our professional advisers at Engage Wealth Management via the contact form below.
Engage Wealth Management is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales Company no. 13010558 Registered Office: 1a City Gate, 185 Dyke Road, Hove BN3 1TL FCA Firm Number: 942618 To visit the FCA consumer website, The Money Advice Service please click here https://www.moneyadviceservice.org.uk/en. To visit the Financial Ombudsman Service, please click here https://www.financial-ombudsman.org.uk/
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