Income Protection is a valuable protection product that will pay out a proportion of your typical income per month if you are unable to work due to an illness or injury.
However, when it comes to the UK’s self-employed, uptake of this insurance product is unsettlingly low, with 1 in 5 self-employed workers believing they weren’t eligible for an Income Protection policy.
This is a big misconception that stops a lot of people that need a policy from purchasing it.
The reality is that most insurers not only accept applications from self-employed workers, but some even have special policies with terms specifically designed for self-employed professionals and contractors.
Self-Employed Income Protection can cover up to 65% of your original earnings if poor health prevents you from working.
With a long-term policy you can claim for as long as you need to up until the pre-determined cease age of the policy, usually your retirement.
Many self-employed professionals across the UK would benefit from Income Protection Insurance to provide for them and their family if they aren’t earning.
However, when it comes to purchasing a policy, self-employed professionals will need to take extra care to review their terms and conditions to ensure their policy is relevant to their needs.
For contractors who work through their own limited company, Executive Income Protection can be purchased by your company as a tax efficient alternative to a standard personal policy.
Meanwhile, there are a range of personal Income Protection policies for the self-employed that don’t require a limited company setup.
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to let us help.
It can be a bit of a minefield if you’re self-employed and wanting to set up adequate Income Protection.
If you need any help please don’t hesitate to pop us a call on 02084327333 or email firstname.lastname@example.org.
Head of Protection Advice at Drewberry
Drew was incredibly helpful all the way along and very responsive and patient with any questions I had (which were many). He was able to get me a much better deal on my new health insurance than I had been able to get online. A success all round!