If you’re working through your own limited company, Executive Income Protection can help you if you become too ill or injured to work.
It works just like an ordinary income protection policy in that it offers you a replacement income. The main difference is that executive income protection is taken out and paid for by the business on behalf of the Director or employee. Premiums qualify as allowable business expenses & can be offset against corporation tax.
Benefits for the employer and the employee
- Employee continues to be paid while they are off work and should not be liable for Benefit in Kind on premiums paid (based on current BIK rules)
- Premiums qualify as allowable business expenses that can be offset against corporation tax.
- Cost of pension contributions can also be covered under this plan. Option to protect contributions up to 33% of salary to a maximum of €50,000. Will ensure employer pension contributions are maintained whilst claiming on the policy.
- This benefit can form an important part of a remuneration package and an important feature to support the attraction and retention of employees.
Other Aviva benefits
- High cover amount - our maximum benefit at €262,500 is one of the highest allowable in the market
- Guaranteed Increase Option - provides the opportunity to increase the benefit by up to 20% every three years without additional underwriting.
- Hospital Cash benefit provides a daily replacement income if you’re in hospital for more than seven days during the deferred period.
- Waiver of premium included –employer won’t pay any premiums while we’re paying a claim for an absent employee and the plan will carry on as normal. This means if or when they return to work and need to claim again - they can.
- Partial Benefit - If the employee returns part time after an illness, they may be eligible for a partial benefit payment to supplement their income.
- Continuation Option - If the employee leaves service within the term of the plan they will have the option to continue it in their own name without any medical, subject to the terms and conditions in the policy conditions.
- Best Doctors Second Medical Opinion - provides a second medical opinion from a panel of 50,000 world-renowned experts at no extra cost.
- Aviva Family Care Mental Health Support - confidential service included free of charge with our protection policies, offers quick access to tailored mental health advice from qualified psychologists
Additional benefits exclusive to Aviva
Best Doctors ® Second Medical Opinion
If faced with a medical problem, you or your employee may need guidance on your diagnosis or treatment. This service provides a second medical opinion from a panel of 50,000 world-renowned experts at no extra cost.
Aviva Family Care Mental Health Support
Our confidential Mental Health Support service included free of charge with our protection policies, offers quick access to tailored mental health advice from qualified psychologists.
We can help to relieve the financial burden while you get your life back on track. Get cover today - contact your financial broker for a quote.
Aviva Life & Pensions Ireland does not guarantee the on-going availability of the Best Doctors – Second Medical Opinion benefit to its policyholders or the Aviva Family Care Benefit (Mental Health Support) and may, at its sole discretion, withdraw access to the service at a month’s notice. If we withdraw it, we’ll write to notify policyholders at least 30 days in advance of its removal.
Teladoc Health (who provide the Best Doctors and Aviva Family Care Benefit) is not a regulated financial service.
Aviva Life & Pensions Ireland Designated Activity Company, a private company limited by shares. Registered in Ireland No. 165970. Registered office at Building 12, Cherrywood Business Park, Loughlinstown, Co. Dublin, D18 W2P5. Aviva Life & Pensions Ireland Designated Activity Company, trading as Aviva Life & Pensions Ireland and Friends First, is regulated by the Central Bank of Ireland. Tel (01) 898 7950.