Self Employed Income Protection
Self Employed Income Protection
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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 self-employed income protection insurance will take over from your employer to pay you a monthly wage. It will be paid every month and will be completely tax free.
How does Income Protection Insurance for the Self Employed Work?
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.
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!
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