Self Employed Insurance

scouselad1974

Hi

I am self employed and would like to take out an insurance policy that would cover my living costs ( bills, etc) should I be unable to work due to illness etc. Can you advise me please ?

Thanks in advance

dunstonh

Can you advise me please ?

No. Its a regulated activity and the board is not authorised to give advice on regulated areas. Just discussion and comment.

Generically, the product you are looking for is permanent health insurance (PHI). Typically it has little or no internet coverage and is mostly bought via IFAs. Tied salesforces dont tend to offer it any more or offer a budget (cut down) version.

lordhaldon

You can buy it straight off the internet if you want to and there are a few that do it. Google search. Income protection plans or PHI. I suggest that you get yourself a good adviser.

dunstonh

lordhaldon wrote: »

You can buy it straight off the internet if you want to and there are a few that do it. Google search. Income protection plans or PHI. I suggest that you get yourself a good adviser.

The internet tends to offer PPI and not PHI. Hardly any of the quote sites offer PHI and those that do tend to limit it to one provider or version.

lordhaldon

I know of at least one site that is offering PHI from a large panel of providers with several deferment options, cover periods etc. Very flexible and if you telephone them they will match any quote you have.

dunstonh

lordhaldon wrote: »

I know of at least one site that is offering PHI from a large panel of providers with several deferment options, cover periods etc. Very flexible and if you telephone them they will match any quote you have.

I assume you are talking about an distributor with a website.

In which case what they offer will be similar to that offered by most IFAs out there.

lordhaldon

dunstonh wrote: »

The internet tends to offer PPI and not PHI. Hardly any of the quote sites offer PHI and those that do tend to limit it to one provider or version.

It does offer PHI - you just have to look for it and know what you are buying.:beer:

lordhaldon

dunstonh wrote: »

I assume you are talking about an distributor with a website.

In which case what they offer will be similar to that offered by most IFAs out there.

You should know - especially in your role - that assumptions are dangerous. Yes, it is probably the same as what most IFA's will offer - and if in doubt, get yourself a good one, however, when you buy from this site, it will be less expensive than paying a fee to an IFA (or commission.):beer:

dunstonh

Yes, it is probably the same as what most IFA's will offer - and if in doubt, get yourself a good one, however, when you buy from this site, it will be less expensive than paying a fee to an IFA (or commission.

How do you know? What if another IFA matched them or gets better terms and can afford to discount more? Or if the IFA has an existing relationship and does the protection at no cost because of other business held (3 of the 8 applications processed today at our office have been like that)

The point I was making about the internet is that you wont find PHI on quote portals (like you do with motor and household). You will find it via IFAs and protection firms (with or without websites).

lordhaldon

Woah! Slow down a little! You do not have exclusive rights here and I was not having a "go" at you - but it sounds like you are having a "go" at me. My main point was that the OP should seek advice as it is too tricky to take the risk. However, if the OP wanted to buy direct off a website, regardless of who provides that website, it's distribution channel or it's legal status, PHI IS available via the internet and not "The internet tends to offer PPI and not PHI." as you stated previously. If he had an existing relationship with an IFA to get that special deal, it can't be avery good relationship otherwise he wouldn't be asking here for advice so that discounts that comment..

I am NOT an Independent Financial Adviser. I am not an adviser of any kind. If you need financial advice, unless you know what you are doing, get yourself a good IFA - a busy one!

dunstonh

Woah! Slow down a little! You do not have exclusive rights here and I was not having a "go" at you - but it sounds like you are having a "go" at me.

You missed the smiley at the end of my sentence. That indicates the tone it was said in which was clearly not having a go.

However, if the OP wanted to buy direct off a website, regardless of who provides that website, it's distribution channel or it's legal status, PHI IS available via the internet and not "The internet tends to offer PPI and not PHI." as you stated previously.

When most posters here post about insurances and internet they are thinking of the confused, moneysupermarket style sites. Not IFAs or protection firms with a website.

If he had an existing relationship with an IFA to get that special deal, it can't be avery good relationship otherwise he wouldn't be asking here for advice so that discounts that comment..

Many people dont like to bother their IFA with simple questions or dont realise the range of products an IFA has available. Although chances are there is no being used. So, its likely to be irrelevant anyway.