Income replacement (or Income protection) benefit pays out if an employee is unable to work due to long term ill health (after a specified period). The length of delay period determines the level of premium paid – so for example a 6 month delay period will cost less than a 3 month one.

For small business in particular the loss of key staff who are seriously injured or diagnosed with a critical illness can be devastating. Income replacement can provide protection for individuals and businesses.

Long-term income repayment policies usually apply when sick pay stops and runs until you collect a pension. Income replacement can be paid to the employee right up to their normal retirement age if ill health persists.

Income replacement is popular with employers because in the event of prolonged absence the benefits paid to individuals don’t come from company funds. They are also a popular worksite benefit with employees as they provide security and a protected income at a time when people are seriously ill and unable to work.

A health assessment may be needed prior to an employee being accepted into a scheme. JB Wealth Management Ltd can help arrange and provide guidance on policy documentation.

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We will source the right kind of income replacement/protection plan for you.
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