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Research from Mintel in 2022 found that 27% of people don’t understand the difference between critical illness cover and income protection.
In short, the difference is that critical illness covers serious conditions where you need extended treatment or surgery, for example, and can’t work.
Just 6% of people in the UK have income protection insurance. But, if you have a job that only provides sick pay for a restricted period, you may not be able to get by on Statutory Sick Pay alone.
And it’s an even more important consideration if you’re self-employed.
Our self-employed income protection policies cover you for a broader range of illnesses, not just the most serious. They also provide you with a fixed monthly income if you can’t work due to injury.
This includes professions such as
Being self-employed can mean your income is up and down.
But how would you pay your mortgage/rent, loans, credit cards and direct debits if you couldn’t work for an extended period?
You may already have cover in place for your car, van, home and travel, but what about the money that pays for all these things?
An unexpected illness or injury could plunge your livelihood and the lives of your loved ones into financial chaos if you leave things to chance.
As careful as you might be in your job, accidents can happen:
And when you’re running a business, it’s not just personal outgoings and family life you need to think about.
You might still need to pay for car or van insurance, professional subscriptions, liability cover etc. All of this can quickly add up. So how would you manage if your ability to earn stopped overnight? (It’s worth noting there’s typically a period of deferment before your policy will start paying out.)
You’ll want to be able to support your family while you recover from your illness or injury and make sure your business isn’t racking up debt.
Having the security of a fixed monthly sum from your self-employed income protection policy to deal with the unexpected will give you comfort.
If you’ve already got a self-employed income protection policy in place, when did you last look at the paperwork?
It’s essential to make sure your details are up-to-date. For example, if you’ve changed jobs and are doing something with higher risks on a daily basis, this will affect your policy terms.
Don’t wait until you need to make a claim to discover that your details are incorrect.
Income protection is only one strand of your finances you should consider when you’re self-employed. Life insurance and business protection are also important.
When you take out a self-employed income protection policy with us, you’ll get access to our complimentary estate planning service to get all your ducks in a row. This will leave you free to focus on growing your business and supporting your loved ones
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