Is Life Insurance A Self-Employed Business Expense?

Self-employed people and business owners have a lot of responsibilities. Not only do they need to worry about generating income, but they also need to make sure that their loved ones are taken care of if something happens to them. This is where life insurance comes in – but is life insurance a business expense? There are different types of life insurance available, and some of them can be tax-deductible business expenses for self-employed people. In this blog post, we will discuss whether life insurance is a self-employed business expense and how it can benefit you!

Life insurance can be used by the self-employed, particularly relevant life insurance and key person life insurance, which can both be classed as tax-deductible business expenses. It is important to understand how this type of coverage works so you know what it covers and what it doesn’t cover before making any decisions about purchasing one of these policies for yourself or your business. For more information, please contact us today – or read on to find out more!

Is Life Insurance A Self-Employed Business Expense?

Before thinking about whether or not you can include life insurance as a self-employed business expense, it’s first important to understand the different types of life insurance within the business.

What Is Relevant Life Insurance?

Relevant life insurance is a type of life insurance that can be used as a business expense for self-employed people. This type of life insurance is designed to protect your business if something happens to you. It can help cover the cost of hiring someone to take over your business, or it can help pay off any debts that you may have incurred while running your business.

What Is Key Person Life Insurance?

Key-person life insurance is a type of life insurance that can be used as a business expense for self-employed people or company owners. This type of insurance covers you if something happens to someone who works in the business and they are unable to work anymore because of it. It can help cover their salary while they are unable to work, or it can help pay for their funeral expenses.

Life insurance is an important part of any financial plan, especially for self-employed people and business owners. It can provide peace of mind knowing that your loved ones will be taken care of if something happens to you. And, in some cases, like those above, it can be a tax-deductible business expense.

Does Life Insurance Count As A Self-Employed Tax-Deductible Expense?

There is no definitive answer to this question as it depends on your specific circumstances. However, certain business life insurance and business income protection insurance plans can be counted as tax-deductible business expenses. These are particularly important if you have dependents or employees who rely on your income to support themselves!

Talk to an accountant or financial advisor to find out how these policies could benefit you and your business, or contact us today.

If you are self-employed, it is important to have income protection insurance. This type of coverage can help protect your income if something happens to you and you are unable to work anymore. There are a few different types of income protection insurance available. So it is important to do your research and find the policy that best suits your needs.

What Types Of Income Protection Insurance Are There?

There are different types of income protection insurance available depending on your specific circumstances and needs. Income protection insurance can cover you for a certain period (such as one year). Alternatively, it could cover the rest of your working life until retirement age (usually 65 years old). It is important to know what type of coverage you need before making any decisions about purchasing a policy.

Some of the most common types of income protection insurance include:

– Short-term Income Protection Insurance

– Long-Term Income Protection Insurance

– Total and Permanent Disability (TPD) Insurance

Each type of coverage has its benefits and drawbacks. Therefore, it is important to do your research and find the policy that best suits your needs.

What Are The Benefits Of Income Protection Insurance?

Income protection insurance can help cover you if something happens to you and you are unable to work anymore. It can provide peace of mind knowing that your income won’t be affected by circumstances outside of your control. Also, it can help ensure that you and your loved ones are taken care of financially.

In addition, many income protection policies offer other benefits such as:

– Cash payout if you become disabled

– Cover for self-employed people

– Waiver of premiums if you become disabled

Contact Us – WIS Business Protection

At WIS Business Protection we would encourage you to make sure to read the terms and conditions of any income protection policy before purchasing, as each one is different. If you have any questions, please contact us today for more information!

What The Best Private Medical Insurance Means For Businesses

Private medical insurance is a key service for many people across the UK. Providing priority medical services for a range of different people across the country, private insurance makes sure that urgent treatment goes to those most in need when they are struggling with their illnesses. Knowing which insurance is best is key, and helps when making the most of your healthcare budget. In this article, we discuss what makes the best private medical insurance and why having business income protection that matches it is key to better company practices.

What Makes The Best Private Medical Insurance?

There are several different things to look for when finding the best private medical insurance available. This is a complex process, relying on a range of different factors. Read on to find out more about what separates high-quality medical insurance from its competitors:

Comprehensive Cover

The best health cover is that which protects from a wide range of different maladies. After all, in the event that you have health cover that only covers the most standard illnesses, having a more serious issue means that you can find yourself facing significant waiting times with public healthcare or without the best possible care providers around. Using the right private medical insurance means that you receive the best possible care no matter what your issues are, as all of your potential illnesses fall within the policy. Keep in mind that this differs from critical illness insurance, as critical illness insurance covers exclusively severe illnesses.

Insurer Accessibility

Ease of contact with the insurer is another key aspect of finding the best possible medical insurance. In the event that you have a medical emergency, contacting your insurer as quickly as possible is key to ensuring that you have all the care you need. An insurer with a good speed of reply and easy methods of contact ensures that you have the right support in place whenever you contact the insurer and can get to your all-important treatment plan as soon as possible, without any administrative delays.


Understanding the nature of your health insurance is a key part of making the most of your private medical insurance. This means that you know when you are best served by using the medical insurance, and when it is ideal for relying on the NHS provision of care. The best possible private medical care options provide a wealth of information around what the policy covers and the extent of support policyholders have in a range of different medical issues. This means that those with health insurance always understand their situation, and can react accordingly without having to go through a series of customer service representatives.

Why Combining Medical Insurance With Business Income Protection Is Important?

In the event that a business provides all of its members of staff with medical insurance, the business needs a way of protecting itself in the event of an accident too. This is where making full use of a business income protection insurance policy is key. A business income protection policy pays out when an employee is incapacitated, making up for the loss in income as a result of losing the employee for a protracted period of time.

Depending on the specific member of staff in question, this is a significant adjustment for any company in the event that there is no business income protection policy in place. For example, losing your top sales person means a severe fall in revenue without any way of getting the sales back in the short term. In this case, the private medical insurance makes sure that the member of staff is back to work as soon as feasibly possible, and the business income protection insurance makes sure that there is no tangible loss of profits in the short term. The combination of policies protects the company from any significant impacts. This is especially important for the self-employed and smaller companies.

Why Get Private Medical Insurance As A Business?

Roughly 11% of UK citizens have some form of private health insurance, and it has clear benefits. As a business, rather than relying on your members of staff for having private medical insurance, invest in your staff’s health yourself by getting medical insurance on their behalf. The first benefit of this is that your staff get the best possible standard of care. Staff return to work from issues more quickly, and you lose less revenue as a result.

In addition to health issues having less of an impact on members of staff, private medical insurance improves the morale of your employees. They see that the company supports them in reducing medical issues, and this means that they invest their time and effort into the company as a result. Without having an active impact, private medical insurance actively improves performance in your company.

Get In Contact Today

If you’re interested in finding out more about private medical insurance or other policies such as business income protection, get in touch with our expert team today with any questions.