health insurance for self employed

JMH204

Hello. Can anyone help me find a good insurance. My husband is self employed 53 years old. We need to get insurance to cover him if he is sick or has an accident and can't work - as this would be a disaster. We have had one quote of £70 per month - is this about normal. JMH204.

dunstonh

PHI for a 53 year old wouldnt be cheap.

PHI policies are age related. Someone in their 20s taking one out to age 65 can easily pay £10-20 for the whole term. Somone on their 50s is much higher risk and therefore more expensive.

The cost is based on his occupation, the expiry age and the initial deferment period. In addition these are health underwritten.

Extending the deferment period to 6 months is one way to reduce costs. Also splitting the plan so you have some at 6 months and some at 12 months reduces the cost. If that is appropriate would depend on the size of your emergency fund. (i.e. do you have sufficient savings to cover 6 months loss of income).