Part Time Self Employed - Income Insurance?

lawtz04

Hi all,

Not sure if perhaps this should be under employment somewhere so apologies if it should be.

I work 25 hours a week as an "employee" and the rest of my time for myself self employed (I am a graphic designer).

It has recently occurred to me that perhaps I should have some kind of insurance should I have an accident or become ill and be unable to work for a period of time.

My "employee" status is okay as there is half decent sick pay, but clearly the rest of my money I make up from being self employed would be a problem.

What would people recommend? Is there a special insurance, or a good company you can recommend?

Thanks

InsideInsurance

Income protection comes in two flavours.

Budget - ASU (aka PPI) covers you for 12 months, a few are 24, and if you are still sick after that youre on your own. Sales are unadvised and its not underwritten until the point of claim so there is some risk. Certainly check the policy is suitable for self employment, most are OK for the Accident and Sickness element but unemployment is more often and issue for the SE. You buy this online and the comparison sites cover the products

Full fat is PHI, covers you to a set date, normally your 65th birthday and with the average claim being something like 7 years you can see the benefit over ASU. It doesnt cover unemployment but some add this on as a short term optional extra. Being underwritten at the point of sale its give more certainty and they are more comfortable with self employed. Its exclusive sold via IFA and Brokers and so you'd need to contact one of those.