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Aviva Executive Income Protection

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Aviva can trace its roots all the way back to the Hand in Hand Fire & Life Insurance Society that was founded in London in 1696. Over the course of its 300+ year heritage, more than 750 companies have contributed to where they are now. Aviva as it is now known, was formed by the merger of two insurance firms, Norwich Union and CGU plc in 2000. Since then, Aviva has acquired many other companies and group to help further its knowledge of providing the best insurance, savings and investment products. One notable company which was acquired in 2006 is AmerUs Group, a Des Moines American financial services company with over a hundred years of history itself.

Aviva currently provides its services in insurance, savings and investment products to around 31 million customers all around the world. Aviva have a large international impact across Europe, Canada and Asia. They are the UK’s biggest insurer and one of the top providers for life and general insurance in Europe. In the UK alone, Aviva insures nearly 13 million customers. Each year, over £34 billion is paid out for claims and benefits.

Having over 320 years of history and experience, Aviva is hoping to lead the way into the age of digital insurance to give all their customers the experience they expect. Investing in new digital technologies, Aviva are pushing their advantage as a composite insurer. A composite insurer is one that provides customers with a large range of products from car insurance to investments and other asset management. Aviva are the only composite insurer of scale in the United Kingdom. Many customer lead busy lives and going digital is a vital step to making things quicker and easier for everyone.

Executive Income Protection is a policy owned by the business the employee works for, rather than the individual that is insured. They employee benefits from this as it provides them financial safety in the event of them fall ill or getting injured. It doesn’t count as a P11D benefit so the employee has no tax liability from it.

Executive Income Protection is very flexible in the use of payments by the business which makes it a more attractive alternative for personal income protection cover. The cover pays out in the event that the person insured is unable to work due to either accident or illness. However, unlike a personal plan, the cover is paid to the business rather than directly to the employee. For businesses, this means they can have financial support for the loss of a team member, pay the employee the benefit, or a combination of both.

Plans can cover up to 80% of an individual’s gross income (or a maximum of £300,0000), however plans offer different rates so it would be best to speak to and advisor to discuss your best options. National Insurance and pension contributions can also be covered under the policy which is helpful when the pay-out period runs until retirement age. Payments from the policy to the insured person are taxed as PAYE so you will need to take this into consideration when looking at the amount of benefits required. Different pay-out terms can be 2, 3, 5 years or until the age of retirement. Policy terms are a minimum of 5 years and most policies are written to a maximum age of 70.

There are different types of premiums, guaranteed and reviewable. Guaranteed premiums only change the cost of cover if you change the amount of benefits like 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. Usually, 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, most insurers will write to you and explain the changes 2 months before any changes take place.

Aviva don’t currently offer Executive Income Protection, but if you are considering an Executive Income Protection plan, contact us at income protection expert 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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