Many small to medium sized businesses rely on a group of key staff to keep their business on course. In order to protect and retain such staff, more and more employers are investing in income protection. This can save a business from the hazardous cost of long-term illness or injury.
In the UK:
- The Confederation of British Industry has estimated that sickness costs business £12.2 billion each year*
- Sickness absence can cost an organisation up to 16 percent of payroll**
The Executive Income Replacement Plan protects key employees by providing a regular income should they suffer long-term illness or injury. The Plan also enables employers to manage the risks and costs of sickness absence whilst offering employees an attractive benefits package.
These pages provide an overview of our Executive Income Replacement Plan. You will find information on what the product is, how it works and how it serves the best interests of employer and employee alike.
*CBI / PPP survey 2004
** Unum / Institute for Employment Studies 2001
What does Unum provide?
The features
Who benefits?
Getting further advice
Further information can be found in our Executive Income Replacement Literature section, including Forms