Income Protection | Leicester

What is Income Protection Insurance?

This type of policy is similar to Critical Illness Cover and is usually taken at the same time. However, Income Protection is designed to cover less severe illnesses/injury. This policy type is designed to pay the policy holder with a continuous amount until they are fit to return to work.

You have more flexibility when it comes to choosing what is and isn’t covered with an Income Protection policy. The more features you remove, the lower the premium will be. You can also impose a claim waiting period, this is an initial period of time that you will be unable to make a claim.

With this type of policy, it’s almost inevitable that you will need to make a claim, as most people will suffer from an illness or injury in their lifetime. This form of insurance is for a fixed policy term, within which you can make a claim as many times as you need.

Can you get Income Protection if you are self-employed?

Yes, you can get Income Protection Insurance if you’re self-employed. It used to be the case that if you were self-employed, you would not be eligible for Income Protection, however, this is no longer the case.

If you are self-employed, you have no employee benefit packages and therefore no real protection in place with regards to sick pay. Therefore, there’s an argument to say that this type of insurance is more valuable to those who are self-employed.