Answered by Andrew Jenkinson
Yes, Barristers are eligible for traditional income protection insurance. In fact, this is an extremely popular policy as most Barristers are self-employed / sole traders and therefore do not benefit from any employer provided sick pay.
Traditional income protection (which used to be called permanent health insurance) pays out a monthly benefit if the policyholder is unable to work due to accident or sickness (i.e. incapacity). Policies can payout for as short a period as 1 year or all the up until retirement age with a long-term plan.
It is possible to cover between 50% and 65% of gross earnings under the policy, which would be classed as profit before tax for a sole trader.
Although it is possible to cover unemployment under an income payment protection plan, Drewberry does not usually recommend redundancy cover for the self-employed due to policy restrictions.
For more information please read our guide on Barristers Income Protection.
Frequently Asked Income Protection Insurance Questions
They were patient thorrgh and good value for money. I regret not using them before and I will use them again in the future.
Very excellent service and informative. All options were offered and I had to make my own decision at the end. Would recommend.
Very efficient and well instructed service with polite staff, I felt Drewberry really did do their utmost to find the best deal for me personally.