This type of cover is especially important for the Self-Employed who receive no sick pay benefits and would suffer financially if they were unable to work.
If you’re Self-Employed and looking to take out an Income Protection policy, you will need to make sure your policy provides you with an appropriate level of cover and is the best option for your individual circumstances.
You’ll need to consider any savings you have and how long you think you could realistically cope without your income. You’ll need to consider how much of your income you want to replace and for how long.
We know that most Self-Employed people don’t earn the same way as a salaried employee, so we’ll guide you on how a provider looks at your earnings, whether share of profits or salary and dividend and the different benefits available to you as a Self-Employed worker.
Plus Protect work with providers that offer products specifically designed for the Self-Employed and can help guide you to find the right policy for your individual needs.
If you are Self-Employed, it may be more cost-effective and tax efficient to consider arranging cover through your business in the form of Business Protection. In this scenario, the cover is taken out and paid for as an expense through the business.