Self employed can save up to 40% on life cover
If you are self employed and you have not availed of your maximum contribution levels to a pension fund, it is very likely that your life insurance premiums will qualify for tax relief at your marginal tax rate at 40%.
Cover level €500,000
Term 30 years
Cost €41 per month
Tax relief €16.4 per month
Net cost €24.6 per month
Having a level of protection for your family if something happens you can bring great peace of mind.
Being self employed can be very stressful and unlike working with large firms there is very often no safety net when economic conditions deteriorate.
Difficult trading conditions can often be accompanied by pressure from lenders to repay debt. Lenders generally insist on personal guarantees for business loans and in the event of passing away these debts would have first claim on your estate.
When you look at the price of cover above it really does make sense to protect your family.