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What is Self-Employed Income Protection Insurance?
Being self-employed brings many benefits to individuals, such as the
chance to work to their own schedule and enjoy more flexibility in their
work-life balance.
However, there are some disadvantages of working for yourself as well, including not benefiting from any of the financial perks that come with being in a full-time position. That means you won’t receive any sick-pay if you are unable to work while ill or injured. Plus, if you ever go through a period of little or no work, your income will see a significant cut. These are all reasons why many self-employed workers choose to take out a self employed income protection insurance policy.
If you are ever unable to work because of illness, injury, or any other kind of health-related reason, then your income protection insurance for self employed will take over from your employer to pay you a monthly wage. It will be paid every month and will be completely tax free.
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How does Income Protection Insurance for the Self Employed Work?
- Whenever you fall ill or and up in an accident that causes you significant injuries and are unable to work, there’s a good chance that you won’t be able to work. As a self-employed individual, that means that your income will instantly dry up as your clients will not need to pay you any sick pay. This could put you in a lot of hot water financially speaking, as you may not be able to cover your rent, mortgage repayments, or other regular bills.
- If you do have some income protection for self employed, though, this will pay out on a monthly basis to cover lost income. It won’t cover 100% but the majority of these policies will cover anywhere between 50-70% of what you would have usually earned in a month. When you take out this kind of policy, the provider will want to know what your average annual pre-tax profits are. They will then use this figure to calculate how much you can expect to receive in the event that you do need your self-employed income protection insurance to pay out.
- When you take out some self-employed income protection insurance, you will have the choice between a long-term and short-term policy. If you take out a short-term policy, then you can expect it to pay out for a maximum of around twelve months. Once those twelve months are up, then the payments will stop whether you have returned to work or not. On the other hand, if you want more long-term protection, then take out a long-term policy as these will continue to pay out until your retirement age should you need them to.
One other thing to think about is whether you would need to find a self-employed income protection insurance plan that also includes cover for general unemployment. If you have this cover and end up unemployed for no fault of your own, then you will be able to claim a payout each month while you are looking for work. One thing to bear in mind is that the requirements for getting this payout is a lot stricter than getting the payout for health reasons. You will need to prove that you were not at fault for becoming unemployed which, in some situations, can be quite tricky to prove.
Why do I need it?
We’ve already mentioned that working as a self-employed individual can be
difficult as there is no official sick pay that you will be able to claim if you do
fall ill or are injured and are unable to work.
We’ve already mentioned that working as a self-employed individual can be difficult as there is no official sick pay that you will be able to claim if you do fall ill or are injured and are unable to work. So, you can’t reach out to any of your clients for any financial support during these difficult times. However, that isn’t the only reason why you might want to take out this kind of protection. Here are a few other reasons why you might need some self-employed income protection.
- There’s No Help From The Government – It’s not just your clients who won’t help you either. There will be no financial help that you will be able to claim from the government either. There is simply no statutory sick-pay available for any freelancer or self-employed individual, so you will need to ensure that you have some alternative finances to cover any extended time off work.
- The Insurance Policies Can Help You Get Back To Work – Many freelancers who take out some form of self-employed income protection find that it can actually help them return to work quicker than what they expected. Having the money available from the insurance can make the transition back to work a lot easier. That’s because it can open up more recovery and treatment options, helping you get back on your feet in no time at all.
- They Help When Close Family Members Are Ill – Some self-employed individuals struggle to take time off work whenever their spouse or a child falls ill. Thankfully, though, some self-employed income protection will cover any time taken off work to look after and care for sick family members.
- Your Savings Might Not Be Large Enough – Some people who have managed to save up a significant amount of cash over the years might now have enough to live off if they were ever out of work for a few months. However, if you haven’t been able to save quite enough up, then you would really benefit from taking out some self-employed income protection. That’s because you won’t be so dependent on your savings, which will take a lot of strain off your finances if your savings pot isn’t all that big at the minute.
So, there are a range of different reasons why self-employed individuals might want to take out a policy for some self-employed income protection. Mostly, though, it’s to ensure that they don’t end up in any financial difficulties if they are ever too ill or injured to work. As you can see, for most people who work for themselves, this could be a good call so that you never worry too much about money!
Why Choose Us?
- MyKeyManInsurance.com started in 2008 we are the longest-serving business protection specialist in the UK.
- You deal directly with us we do not pass on your details to any third parties.
- The ONLY Website where you can quote and apply online.
- FCA-authorised advisers with years of experience in business insurance.
- We are a whole market broker able to quote from all the UK providers.
- GUARANTEED Lowest Self Employed Income Protection In The UK.
- Free trust set up.
- 5 Star Trust Pilot reviews, our customers love us!
How it works
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Further Reading
Income Protection Insurance
Protect your income against long term illness or injury which stops you from working. read more here.
Family Income Benefit Insurance
Read more about family income benefit insurance. A monthly income to your family in the event of death.
Accident & Sickness Insurance
A cost effective way of insuring yourself against being unable to work due to illness or accident.
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UK’s Number One Business Protection Specialist.
