Income protection advice for self employeed needed

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
3 replies 514 views
SandiRaRaSandiRaRa Forumite
173 Posts
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
Hi,

My fella is self employeed and we are currently sorting out life insurance policies etc to make sure we are covered for the worst etc as we have a mortgage and son together.

He is concerned about providing for us if he were to have an injury and was out of work for a while. What is the best type of insurance plan for him and can anyone recommend some companies which perhaps specialise in the self employeed?

We have had some income protection plan quotes sent out to us but after coming on here i've seen acronyms such as PHI etc and now I just want to make sure we are going the right route with this. We are getting life and critical illness cover so basically want something that would pay out if he was to break a leg etc and couldn't work for several months.

Thanks in advance for any information or help provided!

Replies

  • dunstonhdunstonh Forumite
    106.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    What is the best type of insurance plan for him
    permanent health insurance (the PHI you have seen mentioned). That is the generic name for proper income protection plans.
    and can anyone recommend some companies which perhaps specialise in the self employeed?

    All of them. Self employment has little to do with the underwriting process. However, occupation does.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • SandiRaRaSandiRaRa Forumite
    173 Posts
    dunstonh wrote: »
    All of them. Self employment has little to do with the underwriting process. However, occupation does.

    Thanks for your reply, he is a joiner - mainly domestic (but some on site) kitchen fits. I'll see if I can get any quotes to compare.
  • toonfishtoonfish Forumite
    1.3K Posts
    much depends on how long he can wait before benefits start. There are companies that can offer cover from day 1, but the policies are not exactly the same as the more conventional contracts when it comes to definitions of incapacity and so on.

    PHI seems simple but can be very complex, and it may be worth contacting someon ewho is experienced in this area
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.



This discussion has been closed.
Latest MSE News and Guides

Students - apply for uni funding NOW

If you plan to get a place via 'clearing'

MSE News

A guide to council tax bands

Lower your band & save £1,000s

MSE Guides