Vita - Life Insurance, Critical Illness and Income Protection

This depends on the definition of incapacity for your policy. We only ever recommend policies that provide you with an 'Own Occupation' definition; if you cannot perform your exact role then the insurer will pay the claim. They won't insist that you get a similar or alternative job like other substandard policies would. 'Own Occupation' is the most comprehensive claim definition you can have.

When you are first unable to work due to an accident or sickness there will be a period, known as the 'Waiting Period' or 'Deferred Period' when the insurer doesn't pay any benefits. You can choose the period, typically either 1, 2, 3, 6, or 12 months. The longer you can wait before receiving the benefit, the cheaper the premiums will be. Consider how long you may receive sick pay, if any, and also what financial provisions or savings you have.

When you take out the policy you can choose how long you want the cover to last, which is usually until your proposed retirement age. The insurer will pay you the benefit until the earliest of:

• The end of the benefit term (e.g. if 2 years was chosen as opposed to 'unlimited')
  
• You pass away
  
• You are able to return to work
  
• You are no longer suffering a loss of earnings
  
• Your employment with the company ends

It is likely that the insurer will base any payment on your current earnings. For this reason we will review your needs annually to check that your cover remains relevant. If your circumstances change then we encourage you to get in touch and let us know.

Premiums will normally be allowed as a business expense and as the policy is technically owned by your company, the premiums aren't treated as a benefit in kind (P11D).

Benefits are paid to the company and are taxed as a trading receipt. The benefit passed on to the individual is subject to PAYE and NI, as it is taxed as earned income.

The amount of cover is linked to your earnings and the typical length of a policy is up until retirement. Executive Income Protection is a niche policy that requires advice in order to be set up correctly.

We don't do off-the-shelf. We genuinely care about getting the right cover for you. Your circumstances may be similar to someone else's, but never identical. You'll get a solution that's tailored to your personal needs.

Price will vary depending on your age, your health, your job, the amount of cover you want and maybe even your hobbies. This is why price comparison site quotes are often meaningless as they won't account for your specific individual circumstances.

We will provide you with accurate premiums from the outset. Nobody likes to see a price and then be told it's not available to them.

The Income Protection policy you buy is there to protect your income - not anyone else's - so it's worth finding a policy that will exactly suit your needs.

If you have an Executive Income Protection policy and your company stops trading, it is likely that the insurer will continue to pay the claim. If you aren't claiming at the time then the cover will simply end.