Use insurable income rather than turnover
Insurers need evidence of earnings and may assess directors and sole traders differently. The benefit should fit the policy's income definition. Business overheads and personal living costs are separate needs, even when both come from the same business account.
A review around your existing protection
We establish what you already have, what you want a policy to do and the premium you can maintain. Existing employer benefits and policy conditions should be checked before suggesting changes. Where specialist advice or a referral is needed, that route is explained before you proceed.
What to prepare
- Accounts and personal income
- Essential household expenses
- Savings buffer
- Existing policies and business overheads
You do not need every document before saying hello. Start with a short outline; detailed or sensitive records should follow through an agreed secure route.
A fall in sales alone is not normally an income-protection claim. Cover is based on incapacity under the policy definition.
Your questions, answered
Should I check existing cover before taking out another policy?
Yes. Bring the policy schedule and details of relevant employer benefits so the cover, term, exclusions and purpose can be understood. The review should consider what would happen to those benefits if your employment changed. Avoid cancelling existing cover before any replacement is confirmed and reviewed.
Link to this answerHow do we decide what protection is intended to do?
Start with the people, commitments or business needs you want to protect. Then consider what money would be needed, for how long and what premiums can be maintained. Different policies respond to different events, so the purpose matters as much as the headline benefit.
Link to this answerWill a quotation confirm that I can claim in future?
No. Acceptance, policy terms and claims depend on the insurer’s requirements and the contract. Accurate answers are essential when applying, and medical information should use the agreed secure process. We discuss relevant limitations and any need for specialist advice before you proceed.
Link to this answerFurther reading: MoneyHelper: insurance. Content updated 17 September 2026. General information; availability depends on the individual case.