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Good health insurance for self-employed workers

Health insurance is important for everyone but if you're self-employed, it's vital especially if you work a manual job. Good health insurance for self-employed workers is hard to find unless you're willing to make it a priority. We'll give you some ideas of the insurance policies you really should have in place.

Types of insurance cover

Health insurance is often a benefit given by firms so you might have got used to being covered if you've just come out of a salaried position. You will need the same sort of insurance cover that firms offer including income protection, life insurance and critical illness cover. You may also want to consider private medical insurance.

Income protection

This is a long term insurance policy which will replace all or part of your salary if you fall ill or get injured. You can reduce the cost of the monthly instalments by agreeing to a longer waiting period before you get paid out if you find the price too much to cover.

Critical illness cover

This is another long term policy that provides peace of mind. With this one you'll get a tax-free lump sum if you're diagnosed with any of the illnesses covered by it.

Life insurance

Life insurance pays out a lump sum to your family if you pass away during your working life. This type of insurance is known as death-in-service benefit if you're covered through an employer. This one's crucial if you have dependants that need your financial support.

Private medical insurance

This type of insurance is another good health insurance option for self-employed workers. It's ideal for those who do a physical job as it supplements the treatment available through the NHS.

Final word

There are lots of good health insurance options for self-employed workers but choosing the right one depends on the type of work you carry out and your health. Your business health insurance requirements will also change over time as your business grows or you slowdown in your working life so be prepared for lots of changes over the years.

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