Self-employed Income Protection Insurance

Self- Employed Income protection insurance

If you were suddenly unable to work, due to illness or injury, a self-employed income protection policy would guarantee you an income so that you can keep up the payments on all the important things.

To talk things through with a qualified income protection insurance adviser, call us on 01257 46 2581 or contact us.

Do you need a self-employed income protection insurance?

In life, anything can happen. Self- Employed income protection insurance will give you peace of mind that if the unexpected happens and you need to take time off from your business, you’ve got a guaranteed income.

Accidents happen all the time to ordinary people when you least expect and often when they have no safety net.  You are not afforded the luxury  of receiving statutory sick pay of around £80 per week.  With government incapacity support of up to  £99.15 per week , Employment and Support Allowance (ESA), it is imperative to seriously consider earnings protection from the private insurance market. Otherwise, how long would you survive?  Would you have enough in savings?  Could you borrow money from family or friends to tide you over?

The simple, quick and easy solution is Self-Employed income protection insurance to give you tax free cash* to pay for your important outgoings such as your mortgage, regular bills and to maintain your standard of living.

Book your free consultation

*Providing your premiums are paid for from taxable income. Tax information is based on our understanding of current tax legislation and HM Revenue & Customs practice, both of which may change.

Protecting your income is something that all working people should consider but most don’t. In fact, more people insure their pooch than their income.

If you’re concerned that you’d struggle without your income, you should definitely consider taking out an income protection policy.


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    Policy options to suit you

    As with most insurance policies, you can choose features to suit you. For example, you can:

    Set the deferment period
    This is the time period after which your policy starts to pay out – waiting longer means lower premiums.

    Choose how much to receive
    You can protect up to 80% of your total gross earnings.

    Select how long the policy pays out
    You can receive payment until you return to work, until you retire, or for a set period.

    Income protection insurance is available for:

    • self-employed
    • company directors
    • part-time workers
    • full-time workers

    There are plans to cover most occupations, and we have access to providers that specialise in high-risk professions.

    Alternatives and additions to Income Protection

    • Accident, Sickness & Unemployment (ASU)
    • Mortgage Payment Protection Insurance (MPPI)
    • Family Income Benefit
    • Critical Illness and Life Cover
    • State Support, savings or borrowing from family or friends

    Who should have income protection?

    Everyone that is employed or self employed should have a fall-back plan if they were unable to work.

    Directors of a limited company

    If you are a company director, you can take out a plan to cover up to 65% payout of gross earnings including gross salary and dividends.  The policy payout will be free from income tax and national insurance contributions (NIC). The premiums are collected from your personal bank account and the benefit is paid into a personal bank account.

    Alternately, you could take out an executive income protection plan, where your business pays the premiums for you.   This plan can insure up to 80% of gross income as the payout is paid to the business and then paid from the business to you.   This method incurs income tax and national insurance contributions (NIC) and you would put the premiums through as a business expense.

    Sole Trader

    Many self-employed  people run their business as a sole trader. You can take out a plan to cover up to 65% of gross personal earnings from your business.  The monthly premiums are paid from a personal bank account and the benefit is paid into that account tax-free.

    Speak to an adviser

    The decision to take out income protection is an important one to get right.  To get advice about this type of insurance cover contact us to arrange to speak to an adviser.




    Free Range Financial Services Limited is an Appointed Representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority.  Free Range Financial Services Limited: Registered in England & Wales, No. 07002930. Registered Address: Cartref, Trelogan, Hollywell, Flintshire, CH8 9BZ.