Key Person Insurance

phynbarr

I am 68 years old and am a sole trader.  I recently broke my ankle and will be out of commission for at least 2 months - the job I do is quite a physical one

Fortunately my staff are keeping the business going and I haven't lost income, but I have incurred extra expenses both business related (e.g. extra shifts) and personal (taxis to hospital, specialist equipment etc).  Ironically, had I injured myself at work and not walking my dogs my business insurance would have covered

So, to protect myself in future I have been exploring key person insurance and have come up against 2 problems.  One is that there don't appear to be any policies for the over 60s. And secondly, key person insurance appears to cover only in cases of death or terminal illness, so maybe I'm looking in the wrong place

Can I get cover for the circumstance I'm looking for?  And what might is be called?

TIA 

DullGreyGuy

As you are a sole trader you don't have to be locked into the business version and can look at a general Accident & Sickness policy (normally sold as Income Protection these days after PPI became a toxic phrase)

dunstonh

Just to confirm as many people incorrectly refer to themselves as sole traders or self employed when they run on a limited company basis.  It makes a difference.   Are you self employed or limited company structure?

Weighty1

Unfortunately due to your age you are really going to struggle to find cover.  There would be life and CRITICAL ILLNESS options available to you but these pay out on death or diagnosis of very serious conditions, like cancer, heart attacks, strokes, blindness etc., whereas from the sounds of it you are also wanting to cover for less serious things like broken bones.  Also, the fact that your income hasn't been affected means a personal income protection plan would not be appropriate since you cannot prove loss of earnings and very few insurers (Royal London is the only one I can think of off the top of my head) offer a key person income protection plan which pays out due to loss of profits, without it necessarily being loss of earnings and if you role is manual, and you are 68 I can state with some certainty the chances of them offering cover are slim to none due to the 2 aforementioned points.

phynbarr

Apparently "Accident & Sickness" policies stop at 60 as well

I am a sole trader not a limited company

Thanks