Yes, you can — and it might be one of the most important financial decisions you make.
If you’re self-employed, you enjoy the freedom of being your own boss. With that freedom comes responsibility—especially when it comes to your income. Unlike employed staff, you don’t have access to company sick pay or employee benefits so if illness or injury stops you from working, your income could disappear overnight. That’s where income protection insurance comes in.
What is Income Protection Insurance?
Income protection insurance is designed to pay you a regular, tax-free monthly income if you’re unable to work due to illness or injury. It typically covers a percentage of your gross income, contributing to covering your essential expenses like your mortgage, rent, bills, and food while you recover.
How does it work for self-employed?
When you take out a policy, you choose how much cover you need, how long the policy lasts and the deferred period (how long you wait before payments start). Once your claim is approved, payments could continue until you’re fit to return to work, reach the end of the policy term, or retire.
Why is it especially important for self-employed?
With no employer sick pay to fall back on, being unable to work can have a serious impact on your finances. Income protection gives you a financial safety net, allowing you to focus on recovery without the stress of lost income.
How much does it cost?
Premiums vary depending on your age and health, your occupation (riskier jobs may cost more), and the level of cover and deferred period you choose. Cover can be tailored to suit your budget and needs. For example, you might choose just to cover 50% of your income.
If you rely on your income to pay the bills — and especially if you have dependents or financial commitments — income protection insurance is a consideration. It’s not just about protecting your income; it’s about protecting your lifestyle and your dependents whilst giving you peace of mind.
Get an instant quote for income protection or call us today on 08000 38 37 36.
The cover available to you and our advice is based on your individual needs and circumstances, and the insurer’s terms, conditions, and exclusions apply.
