Three best insurance cover for self employed you should consider

Are you considering going self-employed? Great! That is one of the most self-liberating things you can do for yourself. However, now that you won’t have cover as part of your employee benefits package, you will need to think about key personal insurance products that can protect you should you ever be unable to work due to injury or illness. Here are three of the best insurance for self employed products you should consider to protect yourself from sickness or an accident that causes you to lose employment.

1. Income protection cover for self employed

Even before you lose employment, you should consider buying income protection cover to protect yourself should you ever find yourself without employment due to injury or illness. Income protection cover is a long-term policy meant to replace part or all or your previous after-tax income (“income after taxes") and National Insurance benefits in the event that you lose your job through illness or injury. It will remit monthly payments up to your normal retirement age and can be one of the best insurance for self employed persons, particularly when you are looking for finances to start your own self-employed venture after losing your job.

2. Health insurance cover for self employed

In the UK, the National Health Service (NHS) provides all the essential health insurance cover you need but, unfortunately, demand outstrips available supplies and facilities. This means that you will often be forced to wait a long while to get essential medical treatment from NHS. However, there are key levels of health cover and add-ons you can append to your basic policy that can prove very helpful, such as critical illness cover.

Critical illness cover, for example, is vital for any self-employed person because you will be relying on your own physical ability to work and earn a living to support yourself and your family. Typical critical illness cover for self employed people can easily cost £50 a month. You will, however, need to tailor your health cover and add-ons to keep premiums as low as possible. Keep in mind that any medical cover you get for self employed people isn't meant to replace treatment on the NHS, but rather to complement it.

3. Life insurance cover for self employed

Life insurance is yet another one of the best insurance for self employed products worth considering. This cover is worth thinking about because any previous life cover (commonly known as death-in-service benefit) you had as part of your employment package ends with your employment. However, taking life insurance cover for self employed people guarantees you your dependants will get regular payments or a lump sum if you die. It gives you peace of mind knowing your family is financially secured even if you die.

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