Private medical insurance
While the NHS is there to support everyone, private health insurance can supplement what’s 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 important and the time saved through having private health insurance could be critical.
Income protection policies are designed to support you if you can’t work because you’re sick or you have an injury. Any lost earnings could be replaced by monthly payments, in some cases up until retirement age.
Critical illness protection
A critical illness policy will pay out a lump sum if you’re diagnosed with one of the serious illnesses that are specifically named and covered in your policy - this could include some types of cancer as well as heart attack and strokes. Although critical illness is a different product to life insurance, the two can be combined.
While most form of insurance focus on protecting your health and wealth, life insurance seeks to look after those that you leave behind when you die. As a self-employed person, your family might well need financial help if you’re no longer around to support them. A life insurance policy could pay out a lump sum or regular payments, as specified in the terms of the policy.