Executive income is a concept that every person must thoroughly understand as it provides many major benefits. It pays a person’s business a kind of a monthly amount if by chance an accident occurs or there is the presence of sickness, basically any circumstance in which the person becomes incapable of working and making money. This benefit has been helping people all over and actually handling the future of a lot of lives who are due to some reason unable to earn their income. This acts as a replacement income for an employee while they are off work and the employees are paid through the PAY AS YOU EARN system or just the PAYE system.
The Executive Income Protection covers are designed for various different businesses like small, medium or even large companies. Some companies offer this cover to only selected employees in a company, while in some companies it is given to each and every employee, which in turn helps the employee to feel so much safer about his or her job and income. Different plans are offered to Business Company’s and different amount of benefits are given to each and every company.
In the event of any kind of illness or injury due to which an employee cannot work, the executive income protection plan gives out a regular, monthly compensation to the employee which helps him/her meet the basic financial commitments and this also helps in the fact that the employee does not have to depend only on the benefits given by the state.
The executive income protection provides a wide range of covers that are flexible and have different benefit options to choose from. They are tailor-made in a way to keep the needs and requirements of the employee’s in today’s times. Some of the benefits that employee’s get are: a very generous amount of initial benefit a year, the cover is based on the employee’s occupation and skills, free waiver of premium, no premiums are to be paid while the employee is getting the benefits. The executive income also provides very flexible methods such as the benefits and compensations can be directly paid to the employer or passed on to the employee through PAYE system. The inflation protection is also given to the employees that automatically increase with each year in accordance with the RPI.
The protection offers a lot of benefits to those in need and a person feels secure about their lives and future when it comes to finances and their management.