If you’re sick and unable to work, who are you going to call? Being self-employed has many benefits such as flexibility, earnings potential, tax efficiency, to name but a few. But what about the employee benefits that you no longer have, like income protection or life cover?  Make sure that your income, your business and your loved ones are protected with policies that are tailored to your specific needs.

For most families, it is income rather than savings that enables an enjoyable standard of living. Loss of that income as a result of death, sickness/illness or unemployment will usually cause a reduction in the quality of life for the family.  State benefits can only provide a basic lifestyle and increasing pressure on funding means that benefits are unlikely to increase in real terms in the future.

Income Protection

Income protection insurance or permanent health insurance aims to give you an income if you can't work in the event of sickness or illness. Income protection pays you an income if you can't work due to accidental injury or ill health. This type of policy can replace up to 65% of earnings in some circumstances, although the more likely level of cover is 50%.

Life Insurance

Life insurance pays out a cash lump sum if you die within the term of the policy. Cover is usually on a level or decreasing basis. With level term the amount of cover remains the same throughout the policy. With decreasing term, the amount of cover reduces over the term of the policy.

Critical Illness

A critical illness policy would pay out a lump sum if you’re diagnosed with an illness listed in the policy. Leaving you and your family to deal with your recovery, rather than how to pay the mortgage and other bills. The younger and healthier you are, the less this type of policy costs, so it is important not to delay.

Private Medical Insurance

Most UK residents are entitled to free healthcare from the NHS. Private Medical Insurance can pay some or all of the medical bills if you or your family are treated privately.

It gives you a choice on the level of care you all get, which hospital you attend and more importantly, how quickly you are seen.