Unum : Executive Income Replacement Plan

Product profile

Description 

• Pays a monthly benefit for a selected period should illness or injury mean one or more key directors/partners or employees are unable to work

• Provides a regular monthly benefit payment to replace lost earnings.

• Small companies tend to be particularly reliant on the services of a few valuable people.

For

• Businesses insuring 1 or more individuals aged 18 to 64

Maximum amount payable

• £200,000

• 80% of gross earnings

• No deduction of state benefits

Basis of cover

• Usual occupation

Benefits

• You choose the amount

• Can vary amount for different individuals

• Can protect pension and national insurance contributions

• Vocational rehabilitation service for individual and business

• Can increase cover on marriage, childbirth, increased mortgage,salary rise

• Index linked benefits

• Career break

• No need to advise change of occupation

• Waiver of premium while benefits being paid

• Lower benefit if return to part-time or less well paid work

• World-wide cover

• Extended cover while not in paid work 

Options 

• Deferred period; 4/8/13/26/52 weeks

• 2 or 3 or 5 or more years cover

• Retirement age 50 to 75

• Can receive benefits until state retirement age

• Disability plus increased benefit after 2 years off work 

Last updated: 20 November 2008