Income Protection Insurance For Self Employed

Compare income protection insurance for self employed people and find a deal to suit you.

Income protection insurance for self employed. Being self employed can have many benefits including flexibility and tax breaks. You have been self employed for at least 12 months before the policy take effect you are within a certain age group 18 59 years old and you are a resident of australia. Without a self employed income protection plan you will have to claim employment and support allowance in order to pay all your bills. That s why you might want to think about income protection.

But you don t have to insure the whole 75. Using income protection for the self employed you can insure up to 75 of your gross pre tax earnings. Life insurance is also common for people who have dependents such as a partner or children. To apply for income protection as a self employed person you need to satisfy a few requirements.

But as your own boss you don t have access to traditional employee benefits. For example at real insurance three conditions are. Income insurance from irish life assurance pays you a regular income if you can t work because of an injury or illness while you are employed. This is despite the fact that income protection is the type of insurance they are most likely to need.

Income protection insurance for the self employed is one the most important insurance policies to consider if you are self employed or considering becoming self employed. As self employed people don t benefit from sick pay or redundancy pay it might be worth having self employed income protection. We believe advisers can help change this. Income protection for self employed people is an insurance policy that pays out if you can t work due to an injury or illness.

However as the exeter survey shows less than one in 10 self employed workers protect their income. This cover provides a monthly benefit of up to 75 of your regular monthly income to replace that cash flow in the event that you are unable to work. Usually you need to have been self employed in the same occupation for a minimum of two years work a minimum of 20 hours per week and earn at least 16 000 per annum and be either an australian citizen or permanent resident. Income protection insurance is possibly the most important to consider in depth as someone who is self employed.

Income protection at a glance. Many self employed people consider income protection insurance and critical illness cover in case they get too sick or injured to work or get a serious illness.