Types of insurance cover you should consider if you are self-employed
If you’re self-employed, the biggest asset your company has is probably you! Protecting yourself therefore is of paramount importance. There are a few different insurance products that you may want to consider:
- Private medical insurance
While the NHS is there to support everyone, private health insurance can supplement what is available on the NHS. Having private medical insurance could mean shorter waiting times for tests or procedures. If you’re self-employed, being back at work as quickly as possible is really important and the time saved could be critical.
Income protection policies are designed to support you if you can’t work because you are sick or have suffered an injury. They seek to replace your lost earnings by paying out monthly payments, in some cases up until your retirement age if you’re unable to return to work.
- Critical illness protection
A critical illness policy will pay out a lump sum in the event that you are diagnosed with one of the serious illnesses that are specifically named and covered in your policy. Sometimes this can include forms of cancer as well as heart attacks and strokes. This is usually included as part of a life insurance policy and would help pay off debt, pay for care or for specialist equipment that might be required.
Other forms of insurance focus on protecting your health and wealth, life insurance seeks to look after those that you leave behind. A life insurance policy could pay out a lump sum or regular payments as specified in the terms of the policy. As a self-employed person, your family might need financial help if you’re no longer around to support them.