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
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