07785 921234
timfrancis@franciscole.co.uk
Income Protection
A Monthly Tax Free Income If You Are Unable To Work.
An Income Protection Policy is designed to protect your income by paying you a monthly tax free income if you are unable to work as a result of disability or ill health.
The maximum cover you can have is typically between 50-60% of your gross annual income ( if you are employed ), or if you are of a sole trader status then it is 50-60% of the figure that you are taxed on, sometimes referred to as your ‘operating profit’ or ‘taxable income’. This is actually more than what you might initially think, as the benefit is paid tax free.
This type of protection is very popular with self-employed business owners, directors, contractors and sole traders. However, employed individuals are also prime candidates for this type of cover as their sick pay entitlements through their employers will typically only last for 12 months at the very most.
Find out more by giving us a call or using our contact us page.
Call us on 07785921234
Email timfrancis@franciscole.co.uk