As well as private health insurance, you should also consider the following if you’re self-employed:
- Income protection – could replace lost earnings with monthly payments if you can’t work because of an illness or injury. Some policies may even cover you up to retirement age.
- Critical illness protection – a critical illness policy can pay out a lump sum should you become critically ill or suffer a heart attack or stroke.
- Life insurance – policies seek to look after loved ones you leave behind when you die. You can decide on a lump sum or regular payments.
These policy costs, including private health insurance, can also be classed as business expenses for tax purposes. It’s also worth shopping around as some health insurance providers offer discounts for self-employed people.