Income protection advice for self employeed needed

SandiRaRa

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!

dunstonh

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.

SandiRaRa

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.

toonfish

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