What is sole trader income protection?
Working as a sole trader can feel insecure at times, with short-term contracts and a lack of the in-work benefits that employees enjoy. Income protection insurance policies for sole traders can make your future more secure, as they provide a financial benefit to you in the event of sickness or injury.
Buying sole trader income protection insurance provides peace-of-mind that you will be able to pay your bills even if you can’t work if you are sick or have an accident. Income protection for sole traders is a necessity, not a luxury.
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Why Sole Traders Need Income Protection Insurance
Financial security
Whatever type of sole trader you are, from IT to construction, your income is less reliable than an employee. That’s particularly true if you have an accident or fall ill, as you may have no entitlement to employee sick pay or statutory sick pay (SSP). Buying an income protection policy for sole traders helps to feel more secure financially, as it offers a guaranteed monthly income in the event of sickness or injury.
Prevent debt
If you can’t work your bills don’t just disappear. For sole traders without an income protection policy, being unable to work because you are sick or injured can lead to debt. The monthly benefit you receive from your income protection will allow you to meet all your essential costs, such as mortgage or rent, and food and utility bills.
Look after yourself and your business
Many sole traders are tempted to return to work too quickly after sickness or injury, as they need to get back to earning money. Income protection for sole traders gives you the time to fully recover, reducing the risk of problems in the future. For some sole traders, the benefit received via income protection can also help support their business by covering any ongoing business expenses, such as membership fees for trade or professional organisations.
The cost of income protection insurance for sole traders
When you talk to Go Protect Me we’ll endeavour to find the best sole traders income protection insurance for individual circumstances. These circumstances will also determine how much your chosen policy will cost. Monthly premiums depend on the following considerations.
Medical history & health
If you are currently in good health and have no history of poor health then your premiums will generally be lower than someone in poor health. That doesn’t mean we can’t find sole traders with pre-existing health conditions suitable income protection. As we look at the whole of the market, we can usually find a policy to suit.
Age
Insurance premiums are broadly cheaper the younger you are. Go Protect Me works with insurers that can provide income protection insurance for sole traders up to the age of 60.
How much cover
When you look for sole traders insurance protection you may be able to choose cover for up to 70% of your usual sole traders income. If you are looking for a way to lower your premiums, this should be possible by reducing the level of cover you require.
The sector you work in
As insurance protection is covering you in the event of injury or illness, the likelihood of you being injured at work will affect how much you pay each month. In practice this means that a sole trader working in IT can expect their premiums to be lower than someone who works in a higher risk occupation, such as construction.
How long you want cover for
Sole traders looking for income protection insurance can choose to opt for either short-term cover or long-term cover. Long-term cover will provide you with your monthly benefit until you are able to return to work, or you reach retirement age, while short-term cover tends to be capped at 2 years.
How long until your first payment
All income protection insurance has a deferred period. This is the length of time that you must wait until you receive your first payment. Deferred periods can range from just 1 week to 2 years. Your Go Protect Me broker can talk you through the best option for you, bearing in mind that increasing the deferred period will bring down your monthly premiums.
With such an array of factors contributing to how your premium is calculated, it pays to talk to the specialist income protection brokers at Go Protect Me. We can wade through all the details to ensure that the income protection you decide on is the most suitable for you, taking into account all the variables above.
To Speak To An Expert, Call 0330 818 6850
Open: Mon-Tue 9am-7pm, Wed-Thu 9am-6pm, Fri 9am-4pm
Alternatively request a call back at a time convenient to you.
Specialist Broker Service for Sole Traders
If you work as a sole trader then you need income protection to secure your finances if you are sick or have an accident. Income protection insurance will give you the monthly income you need to meet your financial commitments.
When you look for income protection you need to deal with a company that understands what sole traders need. That company is Go Protect Me. We’re insurance protection insurance brokers who work with sole traders like you every day to find the best solution for every customer’s individual circumstances.
Talk to us today talk about how you can get peace of mind with income protection.
Free Financial Review for All
At Go Protect Me we believe that income protection insurance is just one element of financial security. That’s why we offer sole traders a full financial review absolutely free of charge. As one of our valued customers, you’ll get a complete assessment of your current financial situation from one of our Client Relationship Managers. There’s no obligation, and you’ll be given complimentary savings and/or investment advice, together with information on tax reduction where appropriate.
Sole Traders Income Protection FAQs
To Speak To An Expert, Call 0330 818 6850
Open: Mon-Tue 9am-7pm, Wed-Thu 9am-6pm, Fri 9am-4pm
Alternatively request a call back at a time convenient to you.