How long do i need to be self employed to get income protection?

I have only been self employed for six months so don’t have any accounts yet.

Question asked by Peter Brain
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Answered by Tom Conner

Income Protection for the Self Employed

Thanks for your enquiry. To answer this question we would need to know more about your circumstances as it would vary from insurer to insurer so it’s best to call and speak to one of our advisers.

As a general rule there is no minimum period for which you would need to be self employed for income protection insurance. However at the claims stage the insurer would look over your earnings history for a certain time period.

If you were previously employed in a certain job and are now self employed in the same role then the insurer would look at both periods of employment. However, if you are now in a completely new role they would not take your previous employment into consideration so it may be best to wait until you have a longer earnings history in your current role.

There is one policy on the market, The Exeter’s “Bills and Things”, where they do not look at an earnings history and as long as you are working over 16 hours per week they can cover you for up to £1,000 per month.

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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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