If one of you couldn't work tomorrow, what would happen to the company, and to your household? Most co-director couples haven't answered that question properly.
When two of you rely on the same business with no sick pay to fall back on, we weigh up personal income protection against a tax-efficient executive policy paid for by the company.
Life cover paid for by the company, often more tax-efficient than paying for personal cover out of taxed income.
Keeping a payout outside your estate for inheritance tax purposes, and making sure it reaches the right person quickly rather than sitting in probate.
Not all critical illness policies are the same. We compare them on the detail, including cover for your children where it's appropriate.
We look at whatever protection you already have in place, whether it's still suitable, and where the gaps are.
Based on your needs, budget, income and tax situation, not a generic package applied to every client.
A single document setting out the recommendation in detail, so you can see exactly what's been suggested and why.
The scenario below is illustrative only, showing how this kind of cover can work rather than describing a real client.
When both of you rely on the same company for income and there's no sick pay to fall back on, income protection stops being optional. We compare a personal policy, funded from taxed income, against an executive income protection policy paid for by the company, since the two are taxed differently when a claim is paid and the right answer isn't the same for every couple.
Illustrative example only, based on a typical scenario. Figures are not a quote and individual circumstances vary.
Personal life policies are often set up when a relevant life policy would have suited the director better. A director was paying for personal life cover from taxed income. Moving to a relevant life policy let the company pay the premium as a business expense instead, for the same level of cover.
Illustrative example only, based on a typical scenario. Figures are not a quote and individual circumstances vary.
A protection policy that isn't written in trust can end up as part of your estate, potentially increasing an inheritance tax liability and leaving the payout stuck in probate for months at exactly the time your family needs it most. Writing a policy in trust keeps it outside your estate and lets it pay out directly to whoever you've chosen, often within days of a claim being accepted rather than waiting for probate to conclude.
Illustrative example only, based on a typical scenario. Figures are not a quote and individual circumstances vary.
Critical illness policies vary hugely in what they actually cover, how many conditions are included, and whether cover extends to your children. We compare policies on that detail rather than on headline premium alone, and where it's appropriate, build in child critical illness cover so the policy protects the whole family, not just the person who took it out.
Illustrative example only, based on a typical scenario. Figures are not a quote and individual circumstances vary.
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