The underwriting agency Goodfellow Rebecca Ingrams Pearson (Grip) has launched a keyperson and execu...
The underwriting agency Goodfellow Rebecca Ingrams Pearson (Grip) has launched a keyperson and executive protection product aimed at the IFA market.
executiveSAFE, which is underwritten at Lloyd's, offers a tax-free benefit of up to 200% of the executive's gross annual income. A medical is not required, making it attractive to people who may be subject to benefit restrictions on group income protection schemes. Cover up to a maximum of £1m is available and the policy pays out a lump sum if the executive is deemed unable to perform their own occupation.
For professionals remunerated on an hourly basis, benefits can be calculated on lost chargeable hours. Brokers receive 20% commission.
Simon Burgess, managing partner at Grip, said: 'executiveSAFE will provide executives and businesses with peace of mind during a major health crisis, and enable businesses to either fulfil their contractual obligations to senior employees, or secure compensation for the loss of their services at a moderate and predetermined cost.'
In a separate development, Grip has relaunched its Kwik Safe unemployment insurance for homeowners. Also underwritten at Lloyd's, the policy offers cover of up to £2,500 or 75% of income, whichever is less, to new and existing borrowers aged 18 to 65. In addition to full-time workers, the policy also covers contract workers, the self-employed and part-time workers assuming
a minimum 16 hours a week
have been worked for the last
six months.
The policy costs £3 for every £100 of benefit and claims will be paid out for up to 12 months after an excess period of 30 days.
BOX: Premium example
A male chief executive in his
mid-30s needing £1m of cover against accidental permanent total disability will pay £250 pa, or £3,000 pa to cover illness.
Source: Grip
