Even the self-employed and contractors, need unemployment income protection. Or rather, we should say business owners and freelancers need it more than employees. After all, if you work for yourself, who is going to provide you with an income if you’re unable to work or look after your business? Unless you take out income protection cover, you’re otherwise reliant on the state or your savings to make ends meet. And remember SSP pays out less than £90 per week for a limited time. It doesn’t go far.

The chances are you will get sick or ill in your lifetime. The odds of getting cancer are now less than 1 in 3.  Even the odds of suffering debilitating stress have risen dramatically during the last 5 years. The list goes on and particularly if you have a family, it’s wise to make some form of provision for sickness.

You may already have critical illness cover or life insurance or payment protection in place. However this isn’t adequate to cover your overheads for a wide range of illnesses for any length of time. Life insurance only pays out when you die. Critical illness cover, if it pays out at all, will only cover a limited range of conditions. And payment protection has been widely mis sold. Everyone now realises, we think, payment protection, is linked to an individual asset in the form of a credit card, loan or mortgage. It does not replace your income. It’s only really designed to cover the payments for the card or loan it covers.  It’s not just us saying this of course, you must and should do your own research.

Income protection on the other hand allows you to insure part of your income so that in the event of unemployment it replaces your income.  In the case of our policies the pay-out rate is higher than 95%. Not only do we cover business owners and contractors for a wide range of physical and mental illness, we have a long standing tradition of honouring claims. This is exactly what you want from any insurance provider.

Business owners and contractors becoming unemployed through ill-health are often the hardest hit. By the time you’re a successful contractor or business owner you’ve built up significant financial obligations.  Without appropriate cover in place, illness can force you to use your savings to stay afloat.

As a mutual society we are organised for the benefit of our members (our policy holders). Our income protection cover will allow you to insure up to two-thirds of your income. When you retire a tax free lump sum is yours to keep for spending how you wish. Your policy will pay out until you’re back working whether its 6 months or 6 years.