The days of relying on an employer are long gone. Now you run your successful venture, make enough money, and life is good. Although you’re happily independent, have you made plans to ensure your income is protected when serious illness or injury strikes?
If not, you need to consider securing an accident and sickness insurance for self employed and sickness insurance for self-employed? Even if you have savings in the bank, these could rapidly dwindle once they are used for shopping, medicines, monthly outgoings, loan payments and so on.
It’s not a pleasant situation to be in, but it’s vital to prepare, considering that you don’t have an employer to count on for health insurance. Equally, it’s essential to obtain insurance when you have demanding monthly commitments such as school fees, personal loans, rent, and mortgage payments.
In consequence, questioning yourself how you will pay the bills with no monthly income is crucial. The Insurance Service has several offering tailored for self-employed citizens. If you can’t work due to illness or injury, you can opt for our:
Income Protection Insurance Self Employed
It’s a long-term insurance cover, where you receive a monthly sum to support you, while you cannot work due to the factors aforementioned. The period before you start receiving payments is called the deferment period (one day to 52 weeks). Depending on the term (anything from 1 year to retirement age) the insurance could serve as short term income protection.
When taken for an extended period it’s sometimes called permanent health insurance. You have to meet monthly premiums, and the insurance covers part of your verifiable income. The policy ends after you are fit to get back to work or at the end of the term.
Why Not Depend on Government Benefits?
If you’re self-employed, you might qualify for government benefits. While true, they may not sustain your lifestyle. On the other hand, the cover may be not suitable if you have sufficient savings that can last for a long time. Also, if an employer offers a benefits package that lasts for 12 months and above. People with family members or a partner to support them in case of injury or sickness may not need the cover.
Other Insurance Options to Consider
In addition to the loss of earnings insurance, there are other insurance covers suited for the self-employed. First, Critical Illness Cover, which pays a specified lump sum in the event of being diagnosed with a critical illness, e.g., cancer. The money is yours to use freely.
Life insurance is another common cover for the self-employed and for people who wish to provide for their dependents after death. It pays one large sum or regular payments. If you need to provide medical cover to employees, you can opt for Business Insurance. Due to the complications of waiting in NHS lists, some self-employed people opt for Private Medical Insurance.
Protect Your Health accident and sickness insurance for self employed Wealth with Us
Dedicated to providing a wide range of private health insurance covers you can trust –Get a quote today on your Income Insurance UK, and a peace of mind.