Compare Income Protection Insurance for Self Employed

Find quotes for income protection insurance policies that could cover you if you’re self employed and you find yourself out of work through sickness or injury.

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  • Self employed income protection insurance has different levels of cover
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What’s income protection for self-employed people?

If you’re self-employed, this type of insurance policy provides the equivalent of sick pay, paying out an income if you’re unable to work due to injury or illness.

It enables you to continue to meet your financial obligations and – depending on how much co ver you choose – could even help maintain your current standard of living while you recover.

Self-employed income protection is also an attractive option if you’re employed in dangerous industries where you’re at a higher risk of being injured and unable to work.

What types of self-employed income protection are there?

There are several types on offer. These include:

  • Self-employed sickness insurance, which is split into two broad categories. One protects most or all of your income if you fall ill, while the other provides a lower level of cover, the equivalent of statutory sick pay 

  • Self-employed injury insurance replaces your income if you can’t work due to an injury

  • Self-employed sickness and injury insurance combines both types of insurance for more comprehensive cover

How does self-employed income protection insurance work?

After taking out insurance you pay regular monthly premiums to your insurer. If you’re then forced to make a claim due to sickness or injury, it should pay out depending on your type and level of cover:

  • Short-term policies pay out for a specified period only – for example, between one and two years. These work insurance policies provide temporary financial respite while you recover from an illness or injury before returning to work again

  • Longer-term policies provide protection against illness or injury that prevent you from ever working again. These would pay out until you die

What are the main benefits of income protection?

The main advantages of self-employed income protection include:

  • providing a tax-free monthly income if you’re too ill or injured to work, ensuring you can cover your bills without dipping into your savings

  • offering different levels of cover to suit your precise needs and budget

  • providing peace of mind when moving from employment to self-employment, knowing you’re protected in the event of illness or injury

Here’s how to decide if you need income protection.

Are there any downsides to income protection?

The main downside is the cost of paying monthly premiums, although remember you’re paying for peace of mind. If you ever have to make a claim, the policy will have paid for itself. 

Also, personal insurances like income protection aren’t tax-deductible. Some executive plans are tax-deductible, but check before you buy.

What affects the cost of income protection for self-employed people?

Your monthly premiums are determined by several factors, including:

  • amount of cover required

  • policy type (short or long term)

  • likelihood you’ll claim (factors include your job type)

  • personal lifestyle and health (including medical history)

  • deferral period (how long you’ll wait after making a claim until the policy pays out)

What exclusions are there?

Some of the standard exclusions with income protection policies include illnesses or injuries caused by:

  • criminal activity

  • illegal drugs

  • alcohol or other substance abuse

  • travel to countries that the Foreign Office has advised against

  • travel to regions with epidemic outbreaks

What if I have pre-existing health conditions?

When you apply, be prepared to fill out a medical questionnaire, on which you’ll need to declare any medical conditions you’ve suffered in the past five years.

If you have a pre-existing or chronic condition, the insurer is likely to do one of three things:

  • provide loss of income insurance on its standard terms

  • provide sick pay insurance, but charge an additional premium

  • exclude the condition from your cover

You might be able to get this reviewed after a certain period if you don’t seek any advice, medication or treatment for your condition in the meantime.

Claims may be refused or your entire policy invalidated if your insurer checks your medical history and discovers you were dishonest or omitted some vital information.

What other insurance policies are worth considering if I’m self-employed?

The following policies may be of value to self-employed people:

  • Life insurance: pays out a lump sum to your family and dependents if you die

  • Mortgage protection insurance: meets your monthly mortgage repayments if you can’t work

  • Critical illness: provides protection – usually via a lump sum – should you suffer a more serious illness like cancer or a heart attack. Everyday illnesses aren’t covered

  • Private medical insurance: gives you faster access to treatment, which could help you avoid a long NHS waiting list and potentially lost earnings

How do I find the best self-employed income protection cover?

Your ultimate aim is to find an appropriate level of cover at the best price, which can be difficult if your income varies each year – insurers will ask you for at least one year’s audited accounts as proof of your income when you apply. Before using our comparison service, consider the following:

  • How much income do you need? You can opt to receive a percentage of your annual income or a fixed amount, but some insurers set caps on how much you can receive each month or year

  • How long would you want the policy to last? You can usually get cover until a set age, which varies depending on which insurer you choose

One key factor is the amount of cover you need. To work this out, add up all your regular outgoings, then add on any additional expenses you’re responsible for covering, such as food, childcare and even non-essentials such as holidays. Use this to determine what level of cover to buy.

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Why compare income protection insurance with

By comparing home insurance, you could save money on the policy. The best value income protection insurance will offer you the cover you need, at a price you can afford. Choose a cover plan from the best UK insurance companies and see the online discounts they offer.

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Last updated: 14 April, 2022