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If you're a director of a limited company, paying for your income protection through your business can save you thousands of pounds in tax while securing your personal income at the same time.
Unlike a standard personal policy, Executive Income Protection allows you to cover up to 80% of your salary and dividends in a single policy. The business pays the premiums, claims corporation tax relief, and you avoid paying for cover from your already-taxed personal income.
It's one of the most tax-efficient ways a company director can protect themselves and it's something most people in your position simply aren't taking advantage of.
We work with business owners to help them understand and arrange key person protection.
We can help you:
• Cover up to 80% of your total income, including salary and dividends something a standard personal policy simply won't allow.
• Calculate an appropriate level of cover based on your complete income picture, including any income shared with a spouse or partner
• Search the market for competitive quotes from insurers who understand the needs of company directors
• Handle the application so you can get back to running your business. We'll make sure you understand exactly what you're covered for, how the policy pays out, and how to structure it in the most tax-efficient way for your circumstances.
Policies typically allow you to cover up to 80% of your total remuneration, which can include salary, dividends, and employer pension contributions making it particularly well suited to directors who take a combination of salary and dividends.
This depends on the policy terms you choose. Some policies pay out for a fixed period (such as 1 or 2 years), while others will pay until a chosen retirement age if you remain unable to return to work. We’ll help you select the right option for your circumstances.
No. Key Person Insurance is designed to protect the business from the financial impact of losing a key individual. Executive Income Protection is designed to protect the individual’s personal income. The two can often work alongside each other as part of a broader business protection strategy.
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