Income protection if company director

[trowelhead]

Just a quick one - is it possible to get income protection insurance if i'm a company director?

Let's say the business failed and as such i effectively had no income / became "unemployed" this would kick in until a new job was found?

[Sarnie]

No.

[dalenorth]

You can get executive income protection as a director but this is to help replace your income if you were unable to work due to accident or illness, and not the business failing unfortunately.

[FredClogs]

No. Your company can insure against the loss or incapacitation of a director, it's often not particularly cheap though and the usual caveat on these things apply, although it is tax efficient. You might be better personally getting the best critical illness cover you can but you can't insure for not being able to get a job because of market conditions or your own inability.

[trowelhead]

Sarnie said:

No.

Damn. Makes sense though. I'm an uninsurable risk then

[trowelhead]

FredClogs said:

No. Your company can insure against the loss or incapacitation of a director, it's often not particularly cheap though and the usual caveat on these things apply, although it is tax efficient. You might be better personally getting the best critical illness cover you can but you can't insure for not being able to get a job because of market conditions or your own inability.

Cool thanks, i'll look into illness cover then and hope for the best. I've got a decent car so at worst i'll deliver pizzas.

I'll send you an email sarnie

[akirk]

Sarnie sorted it out for me (did a good job) - as others said - protection against not being able to continue my job in the company...

But of course, no one would protect against business failure as that would be a good scam (set up business, insure, fail, take income for no work!)

So def. worth speaking to him