Can Barristers get income protection insurance?

I’m a barrister and want to know if I’m eligible for income insurance as I’m self-employed?

Question asked by James Prim
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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.

income protection
 
self employed
 
barrister
 
sole trader
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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