Self employed sick pay insurance cover is often over looked. If you’re self-employed, it’s easy to be “too busy” to think about insurance or what would happen if you were unable to work.
We all take our health for granted. Employees can rely on their employers even if they don’t offer anything beyond statutory cover. But if you’re self-employed you have to make your own arrangements.
You may say you’ve never had a day sick in all your working life. But sickness rates have gone through the roof in the last 5 years. The truth is you’re more likely to get sick than remain healthy. There’s a 33% chance you’ll get cancer. Add to that common causes of work absence such as back problems or stress and the odds get even higher.
The question then is how can you protect yourself? And by that we mean how can you ensure you have enough to live on should you become ill long term? Remember SSP is only paid for 28 weeks and is less than £90 a week. For short spells, say up to 28 weeks you might want to rely on your savings. But realistically, for long periods, using savings isn’t an option for most: mortgages, school fees, petrol, car or van finance all have to be paid.
But there is a solution that will help offset the loss of your income. It is of course income protection insurance. Not to be confused with payment protection, income protection does just that. It replaces part of your lost income. For example with one of our policies you can replace up to £1200 per week. That’s a lot more than £90 and could really help keep you afloat through difficult times.
Our income protection policies have one of the highest payouts in the industry – well above 90%. That’s because our cover is very broad. We are after all a mutual society so all policy holders are members, and we are organised for their benefit. Payments can be structured around other cover you may have so can start from the first day of illness right up to 52 weeks after you become sick. Finally, when you retire, you get a tax free cash free lump sum to spend how you wish.
For more information on sick pay insurance cover for the self employed please get in touch!