Self Employed Income Protection Insurance is a special type of insurance that protects individuals who are self-employed financially if they fall sick or injured and are unable to work regularly.

          Self-employed individuals must apply for suitable insurance since they do not qualify for statutory sick pay or any other form of government income protection that is issued by the government.

Self Employed Insurance and its types

There are three main types of self-employed income protection insurance that you can apply for depending on your needs and requirements:

  1. Self-employed sickness insurance

This insurance will make sure you are financially protected in case you are diagnosed with any illness that interferes with your ability to work regularly. 

  • Self-employed injury insurance

As the name suggests this type of insurance policy will pay out if you cannot work regularly in case you have sustained an injury due to some accident.

  • Self- employed sick pay insurance

Self-employed sick pay insurance compensates for statutory sick pay that is only received by individuals who are not self –employed.

Usually, the insurance continues to payout until you can work again or in case you die.

This type of insurance is particularly beneficial since the insurance will provide you with a monthly income even when you are unable to earn it yourself and continues to do so until you can work again.

How does this type of insurance work?

The insurance underwriter considers two things before he/she can draw up an insurance plan for you. The first thing to consider will be your monthly income and the amount of time you want the insurance for.

The insurers will first ask you to give them a fixed number as your monthly or annual income, depending on which they calculate the amount the insurance should pay to be able to compensate for it in case you need to make a claim, depending on that value the insurance company will stake a fixed price as your monthly premium.

It is important to remember that income protection insurance is a term based insurance policy and will only be active for a chosen number of years.

It is important to read all policy-related documents carefully and thoroughly.

We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
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