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Income Protection Insurance For Business Owners

Income protection insurance if you are self-employed could be crucial. If you and your family rely on your earnings, income protection insurance covers you with tax-free monthly payments if you became unable to work. This could be either as a result or injury or illness. Income protection insurance differs to critical illness insurance which would cover a serious illness causing long-term absence or the ceasing of work altogether.

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What is income protection insurance?

Income protection insurance if you are self-employed could be crucial. If you and your family rely on your earnings, income protection insurance covers you with tax-free monthly payments if you became unable to work. This could be either as a result or injury or illness. Income protection insurance differs to critical illness insurance which would cover a serious illness causing long-term absence or the ceasing of work altogether.

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The need for income protection insurance

Income protection insurance is intended for situations where an illness or an injury inhibits a self-employed individual from completing work and therefore having no earnings coming in. If you have other savings, or could borrow money from friends or family, then you may not need this type of insurance. However, most self-employed individuals would need a source of income whilst they were unable to work whether it was on a short or long-term basis. An income protection plan for self-employed business owners could be what helps keep your business afloat and your bills paid during this time of absence.

Income protection insurance explained

There are various types of insurance policies that offer income protection plans for self-employed individuals and they vary based on the likely length of the self-employed individual’s absence. The two main types of income protection are short-term and long-term policies. Short-term policies would be for a set period of time and would assume your absence from work is only temporary. Short term income protection policies can be claimed against more than once. Logically, the longer-term policies would protect your income less definitively and could continue until retirement.

The cost of protecting your income will vary depending on the type of policy that you select, the percentage of your gross income you agree to cover, and your personal circumstances. As with any health-related insurance policy, your income protection insurance premium will be dependent on your age, weight, general health, lifestyle choices (smoking/drinking etc) and the nature of your work. Self-employed business owners are often tradespeople whose jobs can often be more dangerous so this can be reflected in the premium for your income protection plan.

Income protection insurance advisers

Finding an income protection plan can be tricky to navigate in trying to figure out how much cover you need as well as which type of cover you will need. Active has a team of income protection insurance specialists who work daily with self-employed clients who want to protect their incomes if they became unable to work. By using one of Active’s experienced income protection insurance advisers, who specialise in the self-employed, you can feel confident that you are getting the right advice.

Active will take time to listen to your personal circumstances and how much you can afford to pay as well as the length of income protection plan that is required. You can focus on running your business and enjoying the perks of being self-employed.

Booking a consultation is easy, simply click or call to…

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Daniel Couchman
Daniel Couchman
12 January 2024
This review is long overdue - Active mortgages got us our dream home! I spoke with around 7 different brokers from different companies which didn’t know what they were talking about but then I found Simon at active - he was straight to the point and got us the best deal and the highest amount possible. I got a bit impatient at one point but that was due to the banks taking ages to process everything - active were calm and reassured us. Highly recommended. Excellent from start to finish Even sent us a gift for Xmas - thank you!
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Meena Kanagavel
2 January 2024
Jamie Murray from Active Mortgages has been amazing in setting up the VAT loan, whilst we purchased our Land. Right from the start, Jamie has been proactive in finding the correct (BEST) deals for us and ensured everyone is aligned to complete on time.Highly recommend using Active Mortgages, and we would certainly be using them again for future projects.Thanks once again Jamie for all your support throughout Dec, appreciate your efforts in making sure our purchase was done on time. Many thanks Meena (and Mark Jones)
Stefan Stancila
Stefan Stancila
21 December 2023
Comprehensive advice from Jamie & easy communication through remortgage process . Recommend!
Yasmin Bates
Yasmin Bates
20 December 2023
Jamie has made the whole process of buying a house very straightforward, especially for self employed. Would 100% recommend and would use again too!
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Gerard
19 December 2023
Good experience, helped us every step of the way.
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darren john coggins
12 December 2023
Dan has been great from start to finish. As a first time buyer it can be quite overwhelming and confusing but Dan has went above and beyond. His process was very easy, efficient and we could not recommend him enough!
FUNMI AKINLAMI
FUNMI AKINLAMI
7 December 2023
Excellent service, hard working staff
akinlami akinwale
akinlami akinwale
7 December 2023
Excellent service, very patient and willing to help staff
Michael Bennett
Michael Bennett
5 December 2023
Dan has been great from the first phone call. He has made everything simple and taken the time to explain everything to me as a first time buyer, answering any questions I have along the way, highly recommend
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james whitaker
31 October 2023
Great professional service highly recommended for anything financial
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