The principle of Executive Income Protection is that the benefits paid are used to cover the sick pay of the individual, or fund other business expenses that arise as a result of the individual being unable to work.
Executive Income Protection allows an individual to protect up to 80% of their gross income. Some providers will allow pension contributions to be included in this calculation if higher payouts are needed.
Although benefits are paid to the company Tax Free, it is important to understand that should the business redistribute the funds to the employee, Tax will be paid on the benefit at that time as income.
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