Advice re personal accident cover for self employed tradesman

fimonkey

Hi All,

A question on behalf of my friend, who is a self employed tradesman (welder mainly). He has no personal cover should anything go wrong (i.e. accident) and he has to take time off etc, so what should he be looking out for? i.e what kind of policy, and what kind of excesses, and what should and should not be covered please?

Sorry the question is so vague. I am doing my own research but wanted advice from the horses mouths so to speak. So please any knowledgable insurance bods out there?

Just to add, I have noted there are various differing possibilities for cover etc. Is he better off seeing and IFA?

Thanks

Wutang_2

PHI I would say - all depends on sick pay etc....and yes an IFA would source this for you.

dunstonh

PHI would be my choice as well.

fimonkey

What's PHI please? And is it best to get this through an IFA or easy enough to sort on your own?

If though an IFA, is it something that could be undertaken during the initial 'free' 1/2hr consultation most of them offer? How much is it likely to cost to use and IFA to source PHI?

Many thanks indeed

lisyloo

PHI is permanent health insurance.
It pays out an income until retirement if you cannot work (then your pension kicks in).

Better to get an IFA because there are issues to be considered like:
deferred period (intially period where you don't get paid).
own job or any job (if you are a solicitor you might not want to stakc shelves even if you can).

If you go DIY then you might get it wrong.
Some IFAs work on a commission only basis and don't charge.
Best to get a recommendation from freinds, family, relatives or colleagues.
Being self-employed jsut makes things more complicated as well.