Insurance paid for by the business

The Client

Dr C, a dentist for many years working in central London, was referred to us by his accountant. He had a couple of buy-to-let properties and also a Limited Company that he operated his dentist practice through. He had several life policies but was unsure of what they did for him.

The Challenge

During the course of our conversation, we identified seven insurance policies totalling £800 a month in premiums that hadn’t been reviewed in a few years. The policies were being paid for by him personally and not his Limited Company. This was therefore post taxed money so the real cost of these premiums was significantly higher.

The Solution

We conducted a full review of the policies and the client's aims and objectives. We advised on five new policies that would be owned under his Limited company and would be an allowable expense for the client. We reduced his premiums by £150 a month by combining several life policies into a new £1,500,000 joint life policy which the client felt secure in knowing was in place as both his children were in private school. In addition, we also replaced his Income protection policies with Executive Income protection policies which again were paid for by his business. This freed up a considerable amount of disposable income for the clients which was greatly received.