News & Views

Royal London: Could your self-employed clients use the difference in National Insurance contributions to help buy a protection plan?

Protection News for Financial Advisers and Paraplanners

11 Nov 2019

Royal London: Could your self-employed clients use the difference in National Insurance contributions to help buy a protection plan?

If a client is self-employed, they won't be able to rely on common employer benefits such as death-in-service cover or sick pay.

This means that without an additional plan in place, they and their family could face financial difficulty if they were to die or were unable to work through illness or injury.

However, self-employed clients' National Insurance contributions differ from employed clients - and the amount they pay is usually less. So, have they thought about using the difference to fund the protection they need to give themselves the benefits many employed clients take for granted?

And if their business is set up as a limited company, taking out a Relevant Life Plan could provide further tax savings.

Enter your self-employed client's details here for an estimate of how much less National Insurance they might pay.

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