Unum : Executive Income Replacement Plan

Product profile

Description 

• Provides cover for businesses and employees
• Business - Monthly business income benefit providing you with additional finance to manage long-term absence of an employee. This can be used to help finance temporary replacement staff or to carry our reasonable adjustments to the workplace in order to facilitate the return of a disabled employee.
• Employee - Continued income during period of incapacity

For

• Businesses insuring 3 or more individuals aged 18 to 70

Maximum amount payable

• Business - 50% of salary up to a maximum of £10k per month for 6 months for as long as the employee remains employed

• Individual - 75% of gross earnings

                       £200,000

Basis of cover

• Choice of 7 incapacity definitions including Generic and Combination Cover and Usual occupation

Benefits

• You choose the amount

• Can vary amount for different individuals

• Vocational rehabilitation service for individual and business

• Lump sum payment if employee unable to return to work
• Opportunity to protect Pension and National Insurance contributions as well as salary
• Option of Pay Direct if an employee leaves service

Options 

• Deferred period; 4 or 8 or 13 or 26 weeks

• 2 or 3 or 4 or 5 years cover

• Choice of basis of incapacity

• Retirement age 50 to 70

Last updated: 15 July 2008