Income protection for self-employed domestic cleaner

nemeziss

Hi everyone,

I've been self-employed (sole-trader) as domestic cleaner for the last two years.
I clean private houses.

I am wondering would it be a good idea to get income protection in case for example I brake my leg and won't be able to work?

I was browsing the internet for different providers but I don't know what I should look at, what is important in my case?

My monthly income is around £1200

If I "brake my leg" and unable to work I don't want to wait a month or longer before I can get any money. I will need it from day one.

I would be looking on policies which I can renew every year.

Can anyone give me any advise, what providers are trustworthy, what I should be careful about?

Many thanks

dunstonh

If I "brake my leg" and unable to work I don't want to wait a month or longer before I can get any money.

There is no product for you then.

I would be looking on policies which I can renew every year.

Yearly renewable is expensive and not many offer it. Pay as you go is far more sensible and getting guaranteed premiums is common sense.

nemeziss

If I "brake my leg" and unable to work I don't want to wait a month or longer before I can get any money.

There is no product for you then.

Why is that?
Is than any way I can protect my income if anything like this happens?

grogdog

dunstonh means that there is no products that pay out immediately, they all have different deferment periods and the longer you defer payment the less expensive they become.

dunstonh

The minimum deferment period is 30 days. You can get that backdated to day 1 with some plans but you have to be off work for at least 30 days before they will pay out. If you are off for 29 days you dont get a penny. If you are off for 31 days you will get 1 day if there is no "back to day one" cover or you will get 31 days if there is "back to day one" cover.

It would not be practical or cost effective to you or the insurer to cover short term illness.

Is than any way I can protect my income if anything like this happens?

Increase your savings. Everybody should have at least 3-6 months expenditure as their minimum level of savings.

nemeziss

Thank you.
That makes it clear

Increase your savings. Everybody should have at least 3-6 months expenditure as their minimum level of savings.

I do put money aside and have probably around £6k in saving accounts.

Still, I would rather to be insured and leave the money I've saved for other purposes.

So is there any insurance providers you would recommend?

FSexpert

nemeziss wrote: »

Thank you.
That makes it clear

I do put money aside and have probably around £6k in saving accounts.

Still, I would rather to be insured and leave the money I've saved for other purposes.

So is there any insurance providers you would recommend?

Speak to a financial adivser or get a quote online. The premiums really are indivdual. Just remember you wont be covered for anything you've previously seen a doctor about.