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Self employed insurance if i'm not able to work?

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Self employed insurance if i'm not able to work?

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
4 replies 510 views
ol1v33rol1v33r Forumite
38 posts
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
I'm self employed and self-reliant.


How do I protect my future financial independence if I get sick, injured, or permanantly disabled and am no longer able to work?



Is there some kind of insurance I can do?


Or is something like saving and self insuring a better option?


A broker suggested a couple of policies but I have no way to assess the merits of them.


I think it's called Permanent health insurance which is a type of payment protection or a cash payout for specific injuries/illnesses and/or time spent in hospital.


Any point in the right direction appreciated.

Replies

  • dunstonhdunstonh Forumite
    101.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    Permanent Health Insurance (PHI) is the best form of income protection.
    A broker suggested a couple of policies but I have no way to assess the merits of them.
    An IFA or whole of market protection adviser is required to give best advice. Brokers may just be retailing if you are buying on a non-advised service.
    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.
  • ol1v33rol1v33r Forumite
    38 posts
    How can i tell if a broker is a "IFA or whole of market protection adviser" or not?


    I'm looking at owlfinancial.co.uk
  • dunstonhdunstonh Forumite
    101.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    How can i tell if a broker is a "IFA or whole of market protection adviser" or not?

    An IFA will tell you they are an IFA. Their documentation will have IFA on it. And their initial disclosure forms (a mandatory issue at the start) will state whether they are restricted (FA) or independent (IFA).

    Whole of market protection advisers are not IFAs but would be similar except they focus on the protection rather than all areas.
    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.
  • AskalabaAskalaba Forumite
    61 posts
    Debt-free and Proud!
    Income protection insurance
    Absolutely love a good bargain. If anybody has any money saving tips please send them my way :j
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