11 Purdeys Way, Rochford, England, SS4 1ND
11 Purdeys Way, Rochford, England, SS4 1ND
Life Insurance For Self-Employed Indiviuals: Get Coverage That Works as Hard as You Do.
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When you’re self-employed, Life Insurance may not be your top priority. If you’re juggling work, clients and invoices, you may not be thinking long-term in terms of insurance. However, Life Insurance for self-employed individuals is a great way to provide your loved ones with financial support should the worst happen.
If you have business loans or other financial commitments, self-employed Life Insurance can help cover these costs after you’re gone, which will prevent your family or business partners from facing the burden of repayment.
As a self-employed person or business owner, your business may rely heavily on your expertise and income. Life insurance for self-employed individuals can act as a safety net to make sure that your business can continue operating in the event of your death, or at least provide the necessary funds to wind things down smoothly.
When you work for yourself, you don’t get the benefits and protection that come with traditional employment, which means it’s up to you to safeguard your income, health, and business.
Life Insurance for self-employed individuals protects your loved ones financially if you pass away. There are different terms for Life Insurance. A Level Term Life Insurance is a fixed payout if you die within a set term, while the payout reduces over time with Decreasing Term Insurance.
If you’re self-employed, you might benefit from Income Protection Insurance, which replaces a portion of your income if you’re unable to work due to illness or injury. It typically pays out monthly and is useful for covering bills, rent/mortgage, and everyday costs. Meanwhile, Critical Illness Cover pays a lump sum if you’re diagnosed with a serious illness like cancer, stroke, or heart attack. Private Health Insurance can help cover the cost of treatment by private specialists, hospitals, and other healthcare providers, along with services that may have long NHS waiting lists.
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Self-employed life insurance works much like other types of Life Insurance, including Relevant Life Insurance and Group Life Insurance. It’s a personal safety net that pays out a lump sum to your family or beneficiaries if you pass away during the policy term.
You can choose how much cover you want by considering your current income, any debts you have (such as outstanding business loans), and your dependents’ living costs. Most insurers require your medical history and information about your lifestyle, such as whether you smoke or drink alcohol, to determine the cost of your premiums.
Depending on whether you’re operating as a sole trader or through a limited company, your self-employed Life Insurance may or may not be tax deductible.
Life insurance premiums are not tax-deductible if you’re a sole trader or operating in a partnership. This is because HMRC considers life insurance a personal expense, even if it protects your business or family, so you’ll need to pay the premiums from after-tax income, and they can’t be claimed as a business cost.
If you operate through a limited company, you may be able to claim tax relief on your Life Insurance for self-employed individuals, but only through a Relevant Life Insurance policy. HMRC allows this type of insurance to be classed as a business expense, which means Corporation Tax relief may apply and it’s not treated as a benefit-in-kind, which means won’t pay extra tax or National Insurance.
Get a free, no-obligation quote for self-employed life insurance with My Keyman Insurance today. Whether you’re a sole trader or a limited company director, we’ll help you find tailored cover that protects your family, business, and future.
Along with self-employed Life Insurance, we can also help you find tailored quotes for Director Insurance, Shareholder Insurance and Business Loan Protection.
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Jody was very helpful in explaining the options and I thoroughly recommend his company
We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the best we found too.
The standard of service was first class. They kept me up to date with progress on my Relevant Life Policy, followed up promptly following delays caused by my medical practice being slow in compiling reports, and responded instantly and clearly to any questions I had.
Jody was very helpful in explaining the options and I thoroughly recommend his company
The standard of service was first class. They kept me up to date with progress on my Relevant Life Policy, followed up promptly following delays caused by my medical practice being slow in compiling reports, and responded instantly and clearly to any questions I had.
We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the best we found too.
Jody was very helpful in explaining the options and I thoroughly recommend his company
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It depends on your business structure, income stability, and whether you have dependants or financial commitments. Level Term Life Insurance is great if you’re a sole trader with family responsibilities as it pays out a fixed lump sum if you pass away during the policy term. Meanwhile, Decreasing Term Insurance is ideal if you need to cover a repayment mortgage or business loan. The payout amount will decrease over time, in line with your reducing liabilities. If you’re a self-employed limited company director, Relevant Life Insurance is a good option as the policy is paid for by your company and is tax efficient. The payout will go to your family tax-free if it’s written in trust.
Director’s life insurance is not classed as a P11D benefit in kind by HMRC. This means that company bosses do not have to pay additional income tax or National Insurance contributions on them.
Consider your commitments such as mortgage and rent, and household bills, along with business responsibilities such as loans.
There’s no tax relief if you’re a sole trader or in a partnership, but you can get tax relief on a Relevant Life Insurance policy if you run a limited company. This type of insurance is paid for by the company and is tax deductible as a business expense.
Nothing will happen if you’re a sole trader or have a personal policy as the cover is in your name, rather than your business’s. You can keep paying premiums and maintain cover, even if you stop trading or change what you do. If you have a Relevant Life Insurance Policy via a limited company, the policy is owned and paid for by your company. This means the policy will likely end if you stop trading, unless you transfer ownership. However, you may be able to convert it to a personal policy and continue paying privately.
