Income Protection
“It is possible to protect up to 70% of your income by applying for Income Protection.”
Freelancer Financials provides guidance on protection against hardship through permanent health insurance (PHI) and offers an independent assessment of the options available for gaining the reassurance that comes with financial protection.
Income Protection is designed to pay the policyholder a tax free income until the policyholder either recovers sufficiently to return to work, or the plan matures. Benefits are tax free when premiums are paid personally or taxable when paid through your company. If your company pays the premiums they are classed as a legitimate business expense and are without benefit in kind costs to you.
Our service aims to resolve any ambiguities surrounding this form of protection, for example with respect of the time you have to wait, the “deferred period”, before your Income Protection Policy begins to pay out.
Deferred Period
The “deferred period” is the time between the life-assured being incapacitated and the benefit starting to be paid. This waiting period is usually between four weeks and a year. The longer the deferred period the less this protection will cost to provide. Each individual depending on his or her circumstances can determine the way in which this policy is structured. By providing a client-centred service we aim to find the policy that caters specifically for your needs.
Income Protection: What are the vital issues for freelancers?
It is vital for freelancers that the policy incorporates within its definition that you must receive benefit if you are unable to carry out your own occupation. Lesser definitions within policies are prone to take advantage of ill health that still allows you to carry out any form of work and thus fail to cover you for your own specific occupation.
Furthermore, other essential issues for freelancers to consider regarding the potential impact of not being able to return to work include:
- Policies that cover you until the time of your chosen retirement.
- Policies that provide inflation proof benefit in order to maintain the value of your potential claim.
Click here for our Client Agreement which should be read. Click here for a copy of our Initial Disclosure Document (IDD).
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED AGAINST IT.
Testimonials
"We have been introducing Contractors and Freelancers to Freelancer Financials for several years now. They have established themselves as the preferred choice of financial advisors to all our IT contractors and Freelancers."
Bernie Potton SQ Computer Personnel (largest independent IT Recruitment Agency in the UK)
"John Yerou and his team provided the brokerage service for my last 3 mortgages and I cannot rate them highly enough. No matter how large or small the request they always provide a speedy and professional response. I would never consider using another advisor/broker."
Roz Clifford… Freelancer
"Finding a Financial Advisor who’s professional and knowledgeable is a bonus but one that you trust and feel comfortable with immediately is rarer still. I have recommended John to virtually all the other IT Contractors that I work with and will continue to use their services in the future."
Jakub Baluch... IT Contractor
