Amy’s executive income protection
Amy, the sole breadwinner and a successful business owner, wanted to ensure that should she become ill or injured, there would be a replacement income paid through the business.
Client: Amy's executive income protection
Location: London
Service: Executive Income Protection
Description
Amy was a successful business owner working in a high-pressure role in IT in London. Amy is married with two children and is the sole breadwinner for the family. Amy’s income is critical to her family’s lifestyle and their ability to pay their mortgage, school fees, and other essential expenses. Amy is concerned that if she was unable to work due to illness or injury, her family would suffer financially. Amy approached us for a solution, and we recommended that she consider executive income protection.
Key Challenges
One of the main challenges Amy faced was the cost of the policy. Executive income protection can be more expensive than standard income protection, but Amy’s advisor explained that this was due to the higher level of cover provided, the pension contributions and the NI contributions that could be included.
Outcome
After some research, we advised Amy to take a suitable executive income protection policy that provided comprehensive cover at a competitive price. The policy covered a percentage of Amy’s income, and the premiums were tax deductible. Amy was also able to include additional benefits, such as 24/7 GP line, legal support and 2nd medical opinion. The policy provided Amy with peace of mind that her family would be financially protected if she was unable to work.