Income protection solution for the self-employed
by Cheyne Wilcocks MSc, DipPFS | 16th February 2019 | Insight
A large proportion of the self-employed know, and accept, that if you don't work you don't get paid!
That opens up a big risk - what happens if you are unable to work because you are seriously ill
or suffered an accident or disability? Who is going to pay the bills and general living expenses? It may be difficult to prove, particularly when you are in the throws of
starting a new business, a consistant income
which makes getting accepted by the Permanent Health Insurance providers an unviable option at best and impossible at worst. Moreover, the perverse thing
here is the self-employed, particularly those starting out, are the people that need to protect their income the most from the unexpected.
Thankfully, we at Lawrie Mortgages have access to solutions that will protect a
certain level of income for a predefined period should unfortunate circumstances arise for those who would find it difficult to prove a consistant level of income.
Take a look at Breathing Space from British Friendly Mutual Society -
Key facts document
Some of the key features of Breathing Space offered by
British Friendly are listed below -
There is NO financial underwriting
There is no minimum hours requirement or the need to prove
any level of income. The only requirement is you will have to prove you had an income prior to any claim you make. This makes this product ideal for
the self-empolyed (including newly started), low income and/or part-time employed who have inconsistant incomes.
Income protection ranges from £125 to £250 per week
What's more the protection period can be 1, 2 or 5 years
(won't protect income past the age of retirement).
will give you time to recover from your illness or injury. And, if you suffer an injury that prevents you from returning to your pre-claim career,
give you time to decide upon and train for an alternative, more suitable career.
There is a choice of 1, 4, 8 or 13 week deferred periods
So, if you feel you have the financial means to survive without help for a
certain amount of time without working due to illness or injury
before having to make a claim you can have this built into your policy which may bring the premiums down to a better fit for your budget.
It is quite easy when starting a new business to focus on the
benefits and concentrate on striving to achieve them. But the impact of illness and injury has to be considered as, unlike the employed who may enjoy
certain benefits when sick or injured, you as self-employed have to make your own provision. The Breathing Space product offered by
British Friendly goes some way to providing said provision.
You can start your enquiry by arranging a callback.