Income Protection

In todays world we all understand anyone can be unwell and this can impact on paying the bills and supporting the finances of home. Therefore many families what to create a cushion so they do not need to dip into savings (if we have them).

Income protection works like our own sick pay; on the basis if we are ill for any reason and can not perform our work obligations (signed off by the GP) the protection would start paying monies. This can be used for people who are self employed.

An income protection policy can look like:

To provide an income after Doctors diagnosis you’re unfit to work and can’t do your job for any reason! (like stress, illness, covid-19/long covid, accident or even a critical illness) Monies paid after “DEFINED” number of weeks for “DEFINED DURATION” or to the insured age in years. Monies would be paid to the limited company for the limited company to invest, protect and ensure profitability.

Monies can be paid to the insured director whilst not fit for work at the companies discretion; however tax implications would be applicable for these ‘wages’ and monies – obviously. Guaranteed premium so does NOT increase with age!!! (FYI does use dividends as an income source not just PAYE and joint incomes)

This by far the most effective way of supporting and protection families in any reason we can not work.