Income protection for self employed

BriNylon

Given that self employed people are not able to claim JSA is it possible for the self employed to buy income protection if they are unemployed? Or is income protection for the self employed restricted to illness?

SonOf

Given that self employed people are not able to claim JSA is it possible for the self employed to buy income protection if they are unemployed?

Yes, the self employed can buy payment protection insurance (PPI). The requirement is not to be successful in JSA but to have signed on.

Or is income protection for the self employed restricted to illness?

Income protection, in its true form (permanent health insurance - PHI), only covers health related issues. Payment protection insurance (PPI) covers unemployment but is very weak on health coverage.

Weighty1

Normally to be able to claim successfully on unemployment cover, if self-employed, you need to wind up the business and notify HMRC that you are ceasing to trade. You'd also need to sign on at the Job Centre to formally look for new employment.

sal_III

There are income protection insurances for self employed. They are rarely economically viable, with a host of caveats and high premiums.

fullofcold

sal_III wrote: »

There are income protection insurances for self employed. They are rarely economically viable, with a host of caveats and high premiums.

This is not true, but hey ho. The original poster was actually looking for an unemployment product, not an income protection policy anyway.