Secure Your Solo Venture with Self-Employed Income Protection
Being self-employed offers numerous advantages, but it also presents unique challenges. One crucial aspect to consider is the potential financial impact if you’re unable to work due to illness or injury. For many self-employed individuals, facing such circumstances could lead to financial hardship. Income cover serves as a solution to protect your financial stability during unexpected times. With this coverage, you can receive a monthly income to cover various financial commitments, including expenses like mortgage or rent, utilities, food, and even business-related costs.
Self-employed income protection insurance policies provide coverage for a wide range of health issues or injuries, including seemingly minor incidents like a broken ankle. However, it’s essential to comprehend how the insurer defines incapacity in your policy. If you have experienced significant medical issues in the last five years, insurers may categorise them as pre-existing conditions. These conditions could impact your ability to obtain coverage, lead to higher rates, or result in exclusions from coverage.
The premium cost of your policy is influenced by the coverage amount you select. However, most policies offer flexibility, allowing you to tailor the coverage to fit your budget while ensuring adequate income replacement.
In addition to coverage amount, you have the flexibility to choose the duration of your coverage. You can opt for a short-term policy covering 1-2 years or an extended policy lasting until retirement. Longer policy durations typically come with higher monthly premiums.
If you want to know more about this policy, contact us today. We can guide you through the process, helping you choose the right coverage that suits your unique situation.
