3 Reasons Why Income Protection is Important for the Self Employed

Read Time:
4 Minutes
June 7, 2023

The Importance of Income Protection for the Self Employed (and employed!)

Self-employed income protection insurance provides peace of mind for you and your family. It means you will continue to receive a regular monthly income should you find yourself in the unfortunate situation of not being able to work. This is so important for the self-employed as they don’t receive sick pay benefits. You don’t have to worry about the impact on your family’s finances, should you lose out on an important income source. 

Unfortunately, we can’t predict the future. And, whilst we all feel invincible, accidents and illnesses can happen. Should you fall ill or sustain a nasty injury, you may find yourself unable to work. 

Still not convinced about investing in income protection? Here are 3 reasons that will hopefully convince you otherwise…

  1. Peace of mind for you and your family 
  2. Maintain ongoing quality of life and commitments
  3. Provides an extra level of protection

What do we mean by the above?

Peace of mind for you and your family 

Hammering home what we think is the most important point first! Peace of mind! Being self employed is no easy task. It takes guts to go out on your own. Whether or not you have a family or dependents to support too! We know how hard small business owners work to provide a comfortable life. 

The wonderful flexibility that comes with owning your own business is rivalled by the added pressure of financial burden. If you find yourself unable to work for whatever reason, that loss of income can be financially crippling for your household. 

This is where Income Protection steps in. You won’t have to worry about the implications of losing such an important income. And you can rest easy that you will be cared for financially, regardless of the situation.

Maintain ongoing quality of life and commitments

Income Protection insurance guarantees that you can maintain your quality of life with financial protection to keep you afloat until you can get back to work. When you’re on the road to recovery, the last thing you want to be thinking about is how you are going to cover your monthly expenses. 

Income Protection can provide up to 75% of your gross earnings (income) - which can go a long way in covering daily expenses, mortgage repayments, car loans, credit card debts and other debt repayments. 

Provides an extra level of protection

Income Protection can be a great supplement to other insurance plans. You can purchase Income Protection as part of a portfolio insurance package so you are covered in case of an unforeseen death, disability or a critical illness.

AND Income Protection is still important for employed people too! Sadly, not all employers provide generous sick pay benefits. It's hugely important that you look at your contract (or speak to HR) so that you understand what would happen should you not be able to go to work long term. So, having Income Protection gives you that extra level of protection in any event.

This is not meant to scare you! Please don't panic! We simply want to help you lower the risks for you financially, should the unthinkable happen. Like we said, we can't predict the future and we don't know whether or not these rubbish, life-changing events will hit you and your family. But we do know, is that we can help you get covered, so that your financial future is taken care of.

Contact one of our advisors today on 📲 01242 237866 or 📧 liam@go2-mortgages.co.uk to discuss your situation

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