Self-Employed Income Protection

Self-Employed Income Protection

Self-Employed Income Protection: A Safety Net for Your Livelihood

Being your own boss is great, but what happens when you can’t work? Unlike regular employees, self-employed folks face a financial cliff if illness or injury strikes.

For homeowners with an existing HSBC mortgage, a product transfer can be a valuable tool for managing your finances. This guide explores the ins and outs of HSBC product transfers, empowering you to make informed decisions about your mortgage strategy.

Introducing Self-Employed Income Protection from Your Property Financial. It’s a safety net that pays you a regular income if you’re unable to work due to illness, injury, or disability.

What is Self-Employed Income Protection?

For many people, the concept of income protection is straightforward. Employed individuals typically receive Statutory Sick Pay (SSP) if they’re unable to work due to illness or injury. However, self-employed individuals don’t have the luxury of such a safety net. This is where self-employed income protection steps in.

Self-employed income protection is a type of insurance specifically designed for those who work for themselves. It provides a regular monthly tax-free payout if you’re unable to work due to illness, injury, or disability. This helps to replace a portion of your lost income, ensuring you can cover essential expenses and maintain your financial stability during a challenging time.

Why Should Self-Employed Individuals Protect Their Income?

As a self-employed individual in the UK, your income is directly tied to your ability to work. Unlike employed individuals, you don’t have the security of sick pay or company benefits. An unexpected illness or injury can have a significant financial impact, potentially forcing you to dip into savings, delay bills, or even accrue debt.

Here’s why self-employed income protection is crucial:

  • Loss of Income: Even a short-term illness or injury can significantly impact your income. Self-employed income protection helps bridge this gap and ensures your essential expenses are covered.
  • Financial Stability: A serious illness or disability could leave you unable to work for an extended period. Income protection provides a financial buffer, allowing you to focus on recovery without the added stress of financial insecurity.
  • Peace of Mind: Knowing you have a safety net in place can significantly reduce stress and anxiety if you fall ill or are injured. This allows you to focus on getting better and returning to work sooner.

When Can I Get My Income Protected?

The good news is that you can typically get self-employed income protection at most stages of your career, as long as you meet the insurer’s eligibility criteria. These criteria may include factors like your age, medical history, and occupation. However, it’s generally best to consider income protection sooner rather than later. Here’s why:

Younger and Healthier: Generally, premiums are lower when you’re younger and healthier. Locking into a policy early can save you money in the long run.

Pre-Existing Conditions: If you have any pre-existing medical conditions, it’s crucial to speak to an advisor before applying. While coverage might still be available, premiums could be higher depending on the severity of the condition.

do i need income protection

Why Do You Need Income Protection (Even if Relatively Healthy)?

Even if you consider yourself relatively healthy, unexpected illnesses or accidents can happen to anyone. Here’s why income protection is important even for seemingly healthy individuals:

  • Accidents Happen: Accidents are a leading cause of disability, and they can strike anyone at any time. Income protection ensures you’re financially protected even if an unforeseen event leaves you unable to work.
  • Critical Illness: While some illnesses might have a slow onset, others can develop rapidly. Income protection provides financial support while you manage the challenges of a critical illness.

3 Benefits of Self-Employed Income Protection

Brokers: Your Partners in Protecting Your Income

Navigating the world of self-employed income protection can seem daunting. This is where brokers play a crucial role. Here’s how brokers can help:

income protection insurance
  • Understanding Your Needs: A good broker will take the time to understand your specific circumstances, income, and future plans. This allows them to tailor a self-employed income protection plan that meets your individual needs.
  • Comparing Options: Brokers have access to a wide range of self-employed income protection policies from various providers. They can compare plans and present you with the best options based on your needs and budget.
  • Claims Assistance: If you ever need to make a claim, a broker can assist you with the process, ensuring a smooth and stress-free experience.
Excellent
Based on 52 reviews
Georgiana Olescu
Georgiana Olescu
2024-04-10
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Paul is an amazing broker, very helpful, responsive to emails and patient with customers. The process with him was quick and easy as his work ethic is impeccable. We are beyond impressed and happy with his services and that we got to work with him.
Valerie O
Valerie O
2023-12-28
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Exceptional service provided by Paul, I could not have asked for better. Definitely does his due diligence and goes above and beyond. Highly recommended!
Bonnie Frost
Bonnie Frost
2023-12-25
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Paul is a fantastic advisor and guided my husband and myself through the entire process of buying our first home, he made the entire process feel easy and we were well informed along with great communication and fast action. We completed within 3 months of contacting Paul.
Johnathan Lowery
Johnathan Lowery
2023-11-16
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Working with Paul has been a hugely positive experience. Paul took the time to understand our needs and financial situation, ultimately securing us a mortgage deal that we would not have been able to obtain on our own. His guidance and patience over an extended time was invaluable in guiding us through a volatile period in the property market. I highly recommend working with Paul at Your Property Financial.
Adeel Sarwar
Adeel Sarwar
2023-10-02
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It has been great working with Paul. He helped us to redeem our help to buy equity loan which didn't seem possible to me when I first contacted him. It took much longer than expected due to many obstacles but Paul explained every step of the process very clearly and he regularly communicated with me to ensure the remortgage went through as efficiently as possible. I would definitely recommend working with Your Property Financial.
Jessica
Jessica
2023-08-29
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I would highly recommend Paul as a mortgage broker. As a first time lone buyer I began the process feeling very out of my depth, particularly in a market where mortgage rates are very high. But from the get go Paul provided reassurance and practical guidance and has been immensely helpful throughout the process. I've really appreciated his responsiveness, honesty and support.
Louise Griffiths
Louise Griffiths
2023-08-28
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I reached out to Paul 2 years ago and giving this review now because I wanted to ensure that I could give a true review of what benefits I have experienced from using his service. I am thrilled with the financial expertise given to me by Paul. His skillful negotiation secured me an excellent mortgage rate within a short turn around time. This has not only set me on the path to paying off my principal balance but has also allowed me to simultaneously build a solid emergency fund. His initial guidance has been invaluable in shaping my financial future. I look forward to working with Paul again, once my 5 year plan is near its end. Highly recommended!
Calum Hebron
Calum Hebron
2023-08-05
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Paul has been consistently excellent, ensuring we got the best possible mortgage deal at a time when rates weren't great. Paul worked with us to understand our financial complexities and went above and beyond to ensure they were understood by mortgage providers. We've been made to understand every stage of the process, and as first time buyers we were able to feel confident in the decisions we made. I would highly recommend working with Paul at Your Property Financial.
Czarina
Czarina
2023-08-04
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My almost a year-long journey with Paul as my broker has been truly amazing, despite a few hiccups during the mortgage process. Working with him has been the best decision ever! As a first-time buyer, I lacked knowledge about purchasing a home, but Paul's guidance and expertise were outstanding. He explained things in a clear and concise way. What impressed me the most was Paul's responsiveness. He promptly addressed all my questions and concerns, never making me feel like a bother. Even when I faced challenges, Paul's determination and problem-solving skills were unwavering. I felt so supported throughout the entire process. Thanks to Paul's unwavering support, I managed to reach this point. I highly recommend him to anyone, especially fellow first-time buyers. Paul's knowledge, patience, and reliability are unmatched. He's not just a broker; he's an invaluable ally in this complex process. Thank you, Paul!
Alistair Prestidge
Alistair Prestidge
2023-07-11
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Paul helped me to get my Mortgage approved in less then 48 hours! He has been great and I can’t recommend him highly enough. His communication is excellent, and he helped me understand each stage of the process easily. Thank you so much for helping me buy my very first home! I will most certainly be recommending Paul to friends & family!

Conclusion

Self-employed income protection is an essential investment for any self-employed individual. It provides a vital safety net, ensuring financial security during illness, injury, or disability. By choosing the right policy and working with a qualified broker, you can ensure your income and your livelihood are protected. Don’t wait for the unexpected; take steps to secure your financial future today.

Making Your Self-Employed Income Protection Journey Smooth

Income protection insurance: https://www.unbiased.co.uk/discover/insurance/income-protection-insurance

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