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Income Protection Insurance

Self Employed Income Protection Insurance

Self-employed income protection insurance is an insurance policy that pays out a tax-free proportion of your pay if you have an injury or become ill to the point where you cannot return to work. Due to the nature of self-employment, you don’t get statutory sick pay or redundancy pay, so an income protection insurance plan could pay out in the event of illness or injury. These policies usually pay out a set monthly amount for an agreed period of time (commonly 12 or 24 months), or until you are able to return to work.

Critical Illness Vs Income Protection

In the UK alone, over 1 in 3 people will develop a critical illness, for instance a form of cancer, in their lifetime. Regular income is necessary, as mortgage’s and other payments mean your family or home is at risk if you have to be off work due to a critical illness and recovery period. Critical Illness Cover and Income Protection may differ, but both can support you through a financially tricky time.

Below, we have outlined the main differences between Critical Illness Cover and Income Protection.

 

Do I Need Income Protection Insurance?

Income Protection insurance exists to give you a degree of cover if you can’t work, due to either serious illness or injury. Would your savings or sick pay from work support you enough to pay the bills?

If you didn’t have income protection insurance, you would have to survive on whatever savings you had or the sick pay you receive from work. This would have to last you until you were able to return to work or even longer. Around one million workers a year (according to the ABI) become unable to work due to serious injury or illness.

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