Calling all those Self–Employed – have you adequate cover to protect yourself each year?

Calling all those Self–Employed – have you adequate cover to protect yourself each year?

If you have time off work due illness or injury, then it’s important for everyone to have a source of income within the home for you and the wider family, but this is vital for those who are Self – Employed. 


1.      What does Income Protection Insurance cover?


Income Protection insurance covers most illnesses that leave you unable to work. However, all policies are different, so it is vital you speak with one of our specialist advisers to get the best cover tailored to your need. There will also be ‘exclusions’ or conditions that aren’t included, such as self–inflicted injury or normal pregnancy. With Income Protection there is also time implications to insurance pay outs. The cheaper your insurance premium, usually the longer you need to wait for your cover to pay–out.



2.      What is Income Protection Insurance?


Income Protection (also known as Permanent Health Insurance) is a form of insurance cover that’s designed to accommodate time when you are unable to work due to illness or injury. It pays a weekly or monthly income should the injured person be unable to work due to accident or ill health. Income protection is particularly useful for those self–employed who do not receive sickness pay, or workers who rely on good health to make a living.


3.      Is Income Protection Insurance for me?


It’s worth taking time to think carefully about whether Income Protection Insurance is for you. It’s also a sensible idea to discuss your options with one of our expert financial advisers as not all income protection policies are the same.



4.      What’s the difference between Income Protection and Critical Illness Insurance?


Income protection insurance pays out a percentage of your gross salary, net profit, or take–home pay as a payment to you for a select period of time, until you are healthy to return to work. You can also make multiple claims whilst your policy is valid until the plan end date, which can go as far as age 70.


Critical Illness Insurance, only provides financial help if you are diagnosed with one of a stated list of serious illnesses such as cancer. It pays out a single lump sum, which is equivalent to the amount you decide on when you take out the policy. Once you’ve claimed, the policy comes to an end.


If this is something you would be interested in discussing further, please do not hesitate to contact us on 028 9332 2822, or email We’d be happy to help you.

Original Blog posted in Aug–16