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.
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%.
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.
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.