Get income protection insurance for company directors from Insured Defense

• Cover up to 80% of your salary and dividend drawdown
• Pay directly from your business
• Cover from £30 a month
• Get a payout as short as one week from illness or injury
• Insured Defense cover is not available on the comparison sites

Introduction to Income Protection Insurance for Company Directors

Income protection insurance (IPI) is an essential form of insurance for company directors, offering financial security and peace of mind if they cannot work due to illness or injury. This type of cover is tailored to the individual’s circumstances, providing regular benefit payments in such scenarios.

Benefits of IPI for Company Directors

The benefits of having income protection cover for company directors can range from the peace of mind, knowing that there is financial support should something happen that prevents them from working to more substantial financial protection if long-term absence due to illness or injury occurs. Furthermore, this type of cover helps protect the director’s dependants and their lifestyle choices.

What IPI Covers

Most income protection policies will cover any illness or injury that results in the policyholder being unable to work; however, specific diseases and injuries covered may vary from provider to provider—many providers do not include mental health issues or pre-existing conditions as part of their coverage. It is essential for directors choosing a policy to check with the provider and understand what is included in the coverage before making a decision.

Finding The Right Policy

When selecting an appropriate income protection plan, company directors must compare policies and providers before committing. They must consider factors such as the level of coverage provided, additional features available, and terms surrounding any exclusions that could affect their entitlement under the policy.

Tax Implications Of IPI

All premiums paid on income protection insurance are exempt from tax; however, any benefits received by the policyholder are considered taxable income at the current rate applicable in most cases. It is essential for individuals choosing this type of cover to factor this into their financial planning when setting up their policy.

Tailoring Your Policy

Some providers may offer additional customisation options when taking out an income protection plan. A typical example is reducing premium payments by removing some illnesses/injuries from being covered under the policy. However, this does represent significant savings on premiums. It also reduces potential payouts if faced with absences due to said conditions/situations occurring during its term time frame.

# Options For Business Owners
Business owners can also opt for income protection plans that offer lump sum payments instead of regular instalments – these plans usually have shorter term periods and provide one-off payments upon meeting specific criteria – often used in combination with other business insurance products such as critical man insurance and shareholder-employee agreements order offer greater security against long term absences caused my sickness or injury.

# Summary
Income protection insurance offers financial security should something happen that prevents a company director from working; they must research different policies thoroughly before committing so they fully understand what they are covered for and any tax implications involved with receiving payouts under the policy. Additionally, customisation options can be explored further, including lump sum alternatives where appropriate.

Income protection insurance for employees

Many of the most appealing income protection insurance policies are TSB income protection if you are made redundant, HSBC wider range income protection cover, Halifax income protection peace of mind insurance, L&G deferred period income protection policies and Nationwide Building Society income protection policy.

Is income protection insurance worth it?

The popular waiting periods for Lloyds essential outgoings protection products, HSBC statutory sick pay products, Natwest serious illness income protection insurance products, L&G income protection insurance policies, Bank of Scotland income protection cover, and Nationwide BS income protection insurance policies are ten days, 28 days, and 60 days.

Income protection for company directors

Tough to cover of Liverpool Victoria long-term income protection policies, More2Life accident sickness and unemployment policies, One Family savings cover products, YBS mortgage payment protection insurance, Principality Building Society accident and sickness insurance products and Sun Life permanent health insurance are 15 days, 31 days and 75 days.

Insurance quotes for company directors

Tough to insure of Virgin Money age-related income cover, Zurich age-related income cover, Churchill income protection guaranteed policies, Coventry Building Society permanent health insurance, Newcastle Building Society statutory sick pay products and Cumberland Building Society income protection peace of mind insurance are 50%, 60% and 70%.

The prevalent waiting delays for Lloyds Bank savings cover products, HSBC regular income cover policies, Halifax regular income cover policies, L&G income protection insurance policy options, RBS unemployment policies, and Nationwide BS involuntary redundancy cover products are 10 days, 21 days, and 70 days.

The challenges to the coverage of LV= regular income cover policies, More2Life savings cover products, One Family permanent health insurance, Yorkshire Bank essential outgoings protection products, Principality Building Society living costs insurance cover products, and SunLife income protection if you are ill or injured are 30 days, 14 days, and 45 days.

It is challenging to insure Standard Chartered high earners critical illness cover policies, Shepherds Friendly regular income cover policies, Sainsbury’s income protection peace of mind insurance, Skipton Building Society essential outgoings protection products, Nottingham Building Society long-term income protection policies, and Progressive Building Society monthly outgoings insurance products at 50%, 60%, and 70%.

Hard-to-cover job variants include Sales accounts and business development managers, Outreach officers at a youth club, Customer service team managers, Sales accounts and business development managers and Senior police officers.

Hard-to-cover occupation variants include business, research, administrative professionals not classified elsewhere, town planning officers, vloggers, illustrators, mineral technology apprentices, and architectural assistants.

Tough-to-insure occupation types include Police officers, Senior Creative, Outreach officers at a youth club, Catchment officers, and Agricultural and fishing trades not elsewhere classified.

Challenging to cover occupation types include Architects, small business Outreach officers in the fire service, Vets, Driving instructors and Tech entrepreneurs.