Running a business demands resilience. As a business owner, you meticulously plan to safeguard against potential setbacks. But what about the cornerstone of your business – you? Life, as we know, can throw curveballs. Illness or injury, while hopefully temporary, can disrupt your ability to work and generate income, posing a significant financial challenge.
In the initial weeks of illness, many business owners rely on savings or statutory sick pay. But those resources can quickly dwindle, creating a stressful financial gap. Imagine the strain on your family, the worry about paying bills. It’s a question every business owner should ask: how long could you truly maintain your lifestyle without your income?
This is where income protection comes into play. It acts as a financial safety net, providing a monthly income if you’re unable to work due to illness or injury. Think of it as a crucial component of your overall financial planning, complementing the protections you’ve already put in place for your business.
Income protection pays you a monthly income. It’s a financial safety net that ensures you can support yourself and your loved ones while out of work.
Yes – income protection insurance is available to self-employed and part-time workers, contractors, consultants, and more. Even if you have difficulty proving your income, our expert advisers can provide a bespoke quote.
Most illnesses that leave you unable to work such as stress-related illnesses, mental health conditions like anxiety and depression, physical health conditions, cancer or serious heart conditions.
However, income protection does not cover pre-existing and chronic conditions that you are aware of before taking out your policy.
Short-term income protection policies pay for a limited time – e.g. six months. Long-term policies pay for as long as the policy allows, which could be anything from ten years to straight through to retirement.
The cost of income protection varies depending on factors such as your age, occupation, current state of health, the amount of coverage, and the deferred period with some policies starting from as little as £5 a month*.
Finding the right income protection policy can feel overwhelming. Factors like your occupation, health history, and desired coverage level all play a role. Seeking expert guidance is invaluable in navigating this complexity.
When exploring income protection, consider seeking out reputable brokers who can compare policies from a range of providers. This ensures you find a policy that aligns with your specific needs and budget. Premierline has established a partnership with LifeSearch, a UK-based life insurance and income protection broker. This collaboration aims to provide our clients with access to specialist expert advice and a range of income protection options. They can assist in finding cost-effective solutions, with quotes available without obligation, and fee-free advice.
Ultimately, securing your personal income is an integral part of safeguarding your overall financial stability. By proactively addressing this aspect of your financial planning, you can gain peace of mind and build a more resilient future.
Get Quotes with LifeSearch
*Income Protection Insurance from £5 per month: Based on 30-year-old male client, non-smoker- admin assistant- 3-month deferment period – £1,000 to be paid out each month, for a maximum of 2 years per claim, covering up to the age of 65 – £5.45 pm (as of 29/012025)
