What is self-employed Income Protection Insurance?
Income protection insurance is designed to provide a regular income if you are unable to work due to illness or injury. This is particularly important if you’re self-employed as there’s no sick pay for the self-employed, as you don’t have an employer, and you won’t be entitled to statutory sick pay (SSP) from the government.
Income protection insurance ensures that you can keep your standard of living and meet your financial obligations even when you’re not able to work. You can’t afford not to have sickness cover for the self-employed.
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Why Choose Go Protect Me?
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Why Do Self-Employed People Need Income Protection Insurance?
Financial security
When you are self-employed you rely on your ability to work to generate income. Unexpected illness or an accident will result in a strain on your finances as you can no longer work. Income protection insurance acts as a safety net by replacing some of your income when you can’t work.
Protects your business
For sole traders and small business owners long term sickness can spell the end for their business. Income protection insurance for the self-employed can keep your business afloat by providing the resources to hire temporary support or to cover other business expenses.
Pay daily expenses
If you fall ill your regular bills don’t just go away. Utility bills, mortgage payments, rent and food costs still need to be paid. Without self-employed income protection insurance to cover these expenses, there’s a danger that you will fall further and further into debt.
How much does it cost to get income protection for the self-employed?
Go Protect Me will work to provide you with most competitively priced income protection insurance we can. Your monthly premiums take into account several factors.
Age
Generally, the younger you are when you take out your self-employed income protection policy the lower your premiums will be. You will need to be under 60 to be eligible for self-employed income insurance.
Current health
Insurers will consider your medical history and your current health when calculating your premium. Your premiums will be lower if you are in good health with no history of serious ill health. However, we can find most self-employed people a suitable policy, even if you have a pre-existing medical condition.
Occupation
The sector you work can influence the level of your premiums. Essentially, if you work in a high-risk role or environment your premiums may be higher.
Level of cover
Some income protection insurance polices will cover you for up to 70% of your gross income. You can reduce your premiums by reducing the level of cover you require.
Benefit period
When you look for income protection for self-employed people you have an option to choose long- or short-term cover. Long-term income protection covers you until you are able to return to work or you reach retirement age. Short-term cover generally covers you for no more than 2 years, unless you are able to return to work earlier.
Deferred period
Income protection insurance comes with a deferred period. This is the period that elapses before the policy begins to pay out. Go Protect Me works with insurers that offer a choice of deferred periods between 1 and 104 weeks. Reducing your deferred period will increase your premiums but you will receive your monthly payments more quickly.
While some of these factors are fixed, some such as coverage level and benefit period can be changed. Go Protect Me’s specialist income protection insurance brokers for the self-employed will talk through your circumstances to establish which of the options would provide the best self-employed income protection insurance policy for you.
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Tailored Solutions for the Self-Employed
When you’re self-employed insurance for income protection is a must. Without sick pay your monthly income may not be enough to live on. Self-employed insurance for sickness safeguards that income.
We understand that every self-employed individual has unique needs and circumstances. Our income protection insurance plans can be tailored to match your specific requirements, ensuring you get the right level of coverage.
Don’t go another day without sickness cover for self-employed people. Contact us today to discuss how we can help you safeguard your income and secure your financial future.
Added Value with a Free Financial Review
When you run your own business, you know the importance of regularly looking at your company’s financial situation. We believe that for personal financial security is no different and that’s why you should review your finances regularly, so we offer all our customers a free financial health check.
One of our professional Client Relationship Managers will take a look at your existing finances and then offer recommendations for improvements. This could include savings or investment advice, or suggestions for tax reduction. All this advice comes with no obligation from you.