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Aegon Executive Income Protection

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Aegon offer business protection which is a policy that is designed to help financially protect your business if the insured person: dies, meets the terminal illness or one of the critical illness definitions, or becomes permanently disabled.

If you chose to take out an executive income plan with Aegon, you commit to a number of Aegon’s terms. You have to:

  • All the premiums must be paid on time or the protection will stop.
  • Provide us with the complete and fully accurate information if required
  • Notify us if the employee is no longer employed or take a break
  • Tell us is the employee has any change in health between taking the policy out and the plan start date

Also, if this policy is one you wish to take out, you must first be aware of a number of risk factors:

  • If the premiums are not paid or you don’t comply to the terms and conditions, the cover will be stopped.
  • Review your cover regularly, you may receive less benefit than you need or more cover than you can claim and we will not be able to refund if this happens.
  • If the information you provide us is not accurate, incomplete or is misleading, your cover may be reduced or stopped altogether. This information could be from you, the insured person or your advisor.
  • Some reasons for claiming might not be covered. For more information on these exclusions, speak to an advisor when taking out a plan for more details on what might not be covered.
  • HMRC’s taxing on benefits is subject to possible change in the future.
  • There is no cash-in value to the plan as it provides protection only.

Executive Income Protection pays a monthly benefit to your business if the insured person becomes sick or unable to work and therefore loses taxable earned income. The means you can insure the taxable earned income of employees. All benefits are paid through the PAYE (Pay as You Earn) system. The maximum benefits are calculated on: 75% of the employee’s taxable income before incapacity (maximum of £150,000 a year), plus the previous 12 months contribution to the insured persons pension by the company, plus the employers National Insurance contributions. The combined overall limit for pension and national insurance contributions is £30,000 and the total cover limit is £160,000.

With the plan you get guaranteed insurability options which are: once cover has started but you need to increase the benefit amount due to a change in circumstances, you might be able to do so without the insured person having to disclose any extra information about their current health. These options are only available is the insured person is on a Standard Premium and policy terms.

Aegon provide a policy schedule that show what benefits have been chosen, how much the benefits are for, the premium for each benefit and if there are any exclusions or reason why the policy will not pay out.

 

Plan deferred period

When to notify of an absence

4 or 8 weeks

By week 2

13 weeks

By week 4

26 weeks

By week 6

52 weeks

By week 12

 

When making a claim, you should do so in writing or by phone at the soonest possible convenience. Premiums should be continued to be paid until your claim is accepted, however once accepted you do not need to the pay premiums while we pay the benefit amount. You will be required to pay the premiums again if the insured person begins work again, even if they are only working part-time or in a different role. The cover will only remain active if the insured person is a permanent resident in the ‘home countries’. These are the United Kingdom, the Channel Islands and the Isle of Man. If the insured person travels or live outside of the ‘home countries’ for 13 continuous weeks in 12-month period. If the insured person travels or lives temporarily in any one or more of the ‘designated countries’, the 13-week period will be extended to 26 weeks during any 12-month period.

Premiums are available as either guaranteed or reviewable. Guaranteed premiums will only change the cost of the cover if you change the amount of benefits. For example, if you chose the indexation option, the premium will change as RPI increase. A reviewable premium cannot guarantee the cost of cover as the cost is based on a number of factors over the term of the plan that assumptions are made from with the information provided when you take out the plan. Reviews take place every 5 years on the anniversary of the benefit start date in question. If there is a change to these assumptions, the premium rates can change and there is no limit to the amount this could change by but any increases will be fair and reasonable. If the premium is going to increase, we will write to you and explain the changes 2 months before any changes take place.

If you are considering Aegon’s Executive Income Protection plan, contact us at income protection and we can put you in touch with a qualified adviser to help discuss your options and get you the best available premiums.

 

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