Posted on: 10 March 2022

Guest article from LifeSearch

Our partners at LifeSearch have complied a list of 5 ways life insurance could ease pressure on finances for those who are self-employed.  Find out more from this guest post from LifeSearch.

Ease the squeeze through life insurance

Millions of UK families are facing financial pressures not seen since the 2008-2009 crisis.

Inflation’s set to rise to 7.5% with the economy slowing and taxes heading north.

Here’s a list of five key ways life insurance could ease the pressure on your finances if you’re a business owner.

1.      Buy through your business

If you’re self-employed or a small business owner, then buying through the company could save you money versus personal life insurance products.

Buying through business can be a tax-efficient way to protect yourself, your business, lifestyle and family if something unthinkable were to happen.

2.      Income Protection

Right now, many of us are thinking about how far we can stretch our wages. But what if those wages suddenly aren’t there? Statutory Sick Pay is less than £100 per week.

One of the lesser-known products in the life insurance family is Income Protection. It pays a high portion of your wage (typically 50-70%) if you ever get too sick to work. And it keeps paying out until you hit a certain age (chosen by you) or your policy expires.

If you’re younger when you start your policy, it’s not expensive. And it can be a real lifeline.

3.      Check your policy for extras

If you have a life insurance policy, chances are you have access to additional products and services. It’s what we call “value-added benefits” … and uptake is typically low.

So, you may be sitting there with discounted gym membership; access to free counselling or family care services. Why pay full price if you don’t have to?

With the NHS backlog as it is, many policies include some free access to private health and therapeutic services, so it really is worth checking.

The silver lining is that you’ll have protection in place for yourself and your family should anything unexpected happen.

4.      Quit smoking recently?

Life insurance premiums for smokers are much higher. If you’re one of the 200,000 Brits that quit smoking recently, and you don’t use nicotine replacement products, you could be in for savings of a third … or even more … if you originally bought as a smoker.

5.      Switched to vaping?

Insurers typically see smoking and vaping as one and the same, but not all of them.

Some insurers view vaping as less risky than smoking, so it could be worth investigating a new policy with a provider that’s more vape-friendly. Chances are you’ll shave some cost off your life insurance if you were previously a full-blown smoker.

Help is at hand

Each business or individuals’ circumstances and situations define the savings, services and policies you could get, so speak to an expert at Life Search today about protecting your family and business as the big squeeze tightens its grip.

Call 0203 764 0074 or drop onto visit LifeSearch’s website.

About LifeSearch

LifeSearch was established in 1998, and since then, has grown into the UK’s largest life insurance broker. LifeSearch specialises in life insurance, critical illness cover, income protection and other forms of life cover. 

LifeSearch has won numerous awards, and is recommended by MoneySuperMarket, Bank of Scotland, Halifax, Lloyds Bank and Compare the Market. 

About Premierline

Premierline is a business insurance broker, we work with some of the UK most well-known insurance companies to provide you with competitive business insurance quotes. Our insurance experts can assess your business’ needs and find a range of quotes suited to you.

If you’d like to find out more information about our partnership with LifeSearch or if you’d like to review your business insurance requirements, get in touch to speak to one of our insurance advisors today.

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