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Phoenix Life Executive Income Protection

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Phoenix Life are part of the Phoenix Group Holdings which has roots all the way back to 1857 in the form of the Pearl Loan Company which the majority of the company stems from. However, the name Phoenix was first used for Phoenix Assurances in 1786 but was subsequently bought in 1984 by the Sun Alliance. Over the last 150+ years of history, many companies have merged and transferred to become the Phoenix Group, formerly Pearl Group until 2010. Currently, Phoenix Group comprises of four regulated life companies: Phoenix life, Phoenix Ireland, AXA Wealth and Abbey Life. Mainly operating in the UK, they have over 6 million policyholders and over £75 billion in assets under management. Specialising in taking over and managing closed life and pension funds, Phoenix Life is the part of the Phoenix Group that offers this. Phoenix Group are part of the FTSE 250 as of 2010.

Thanks to working in such a specialised area of entirely closed funds, it allows Phoenix to work on improving performance and recruiting the most experienced people in the field rather than trying to gain new customers. Some of the areas Phoenix are most experienced in and currently offer services in are: Pensions & Retirement, Financial Planning and Savings & Investments. They can offer lots of advice and information in these areas to help provider their customers all the help necessary to make the best decision for themselves and their family. Investing more in digital methods of communication allow Phoenix to communicate clearly. On their website, there are tools and calculators to help clients have an easy way to see their information. The jargon buster on the website is a very useful tool to help understand technical terms and make policies more easily understood.

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 an attractive alternative to personal income protection cover for a business as it is very flexible in how the payments are distributed. The same as a personal plan, the cover is paid out in the event the insured person becomes ill or injured and cannot return to work. However, unlike a personal plan, the business is paid the cover amount for them to divide up, rather than it going straight to the insured person. This gives financial support to the business if necessary after the loss of a team member, but the benefit can also be paid to the employee instead or as well.

Most plans will provide cover up to a maximum of 80% of an individual’s gross income (but only to a maximum of £300,000), however many different companies will offer different plan rates. To find the best options for you, a financial advisor can help discuss and explain. You can often choose to have National Insurance and pension contributions covered under the policy which is useful for a business when the chosen pay-out period runs until the insured person retires. Payments made from the policy to the employee will be taxed as PAYE (Pay As You Earn) so this will need to be factored in when working out the amount of benefits required. Common pay-out term periods are: 2, 3, 5 years or until the current age of retirement. Most policy terms are a minimum of 5 years and often run to a maximum ag of 70.

The two types of premiums available are 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. Reviewable premiums are unable to guarantee the cost of cover due to the cost being based on a number of assumptions made over the term of the from with the information provided when you take out the plan. Reviews usually fall every 5 years on the anniversary that the benefit started for the policy in question. If these assumptions change, the premium rates can be subject to change and the amount this could change is not limited. However, most companies will make sure any increases will be fair and reasonable based on each individuals situation. Commonly you will receive written communication explaining the changes 2 months before they are due to take place.

Phoenix Life currently don’t offer any Executive Income Protection plans, but we can put you in touch with qualified advisors at income protection expert who can discuss and explain your options and help you find the best premiums available if you are thinking of taking out an Executive Income Protection plan for you and your business.

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