8 reasons why self-employed professionals need income protection
Are you self-employed? Have you ever wondered what would happen to your finances if you were to fall ill or injure yourself?
As you know, your income relies solely on your ability to work when you are self-employed. So when things go wrong, it can be tough financially.
This is where Income Protection comes in as it provides a monthly tax-free income until you recover or retire.
Still not convinced?
Here are eight reasons why self-employed professionals need Income Protection insurance:
1) Maintain your lifestyle.Just because you’re ill, your daily bills don’t stop. Income protection means your bills are paid when you are unable to work.
2) Peace of mind.Income Protection reduces stress and provides peace of mind as you know you have a financial safety net to fall back on.
3) Policies are flexible.The great thing about income protection is that it is adaptable to your needs so you can choose the level of cover you prefer.
4) Receive benefits as long as you need them.No matter if you are off work for three weeks, three months or three years, you receive benefits as long as necessary.
5) Government benefits won’t be enough.Many people couldn’t survive on what the state provides so income protection insurance is perfect to fill the gap.
6) Receive what you need. A small investment each month could prove to be priceless and you pay as much as you can afford. For example, a 30 year old professional earning £30,000 a year would pay around £37.00 a month and receive a monthly income of £1,650 immediately if illness/injury struck.
7) No limit to how much you can claim.Even if you are ill on more than one occasion, you can still claim.
8) Share in profits. If you choose income protection insurance from a mutual society you will receive a percentage of the profits when your policy ends.
So don’t let your income suffer if you’re unable to work. Ensure you have the right protection by safeguarding your finances with the help of Income Protection.