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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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.
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
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
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
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.
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)
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
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.
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
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.
Compare income protection quotes to find a deal that works for you.
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Last updated: 14 April, 2022