If you are working for yourself, you need to make sure you have sufficient self employed Health Insurance cover in place in case you can’t work because of illness or injury. Whereas employees have access to statutory and/or contractual benefits such as sick pay, maternity leave and death-in-service benefits, this no longer applies if you decide to become self-employed, though you may qualify for state benefits. In the absence of an employee benefits package, it is vital to protect yourself and your family against all eventualities.
Health insurance for the self-employed can cover several types of Life and Family Protection.
Income protection cover insures you against loss of income due to unemployment, illness or accident. It provides you with a regular tax-free income that could continue long-term until you are well enough to return to work, or retire. Income protection is designed to replace part or all of your income, helping you take care of monthly bills and maintain your and your family’s standard of living.
Critical illness cover offers long-term protection in case you are diagnosed with a serious illness stipulated by the policy, such as heart attacks, strokes, multiple sclerosis (MS) and various types of cancer. You will get a tax-free lump sum payment, which is designed to alleviate any financial hardship, including paying off mortgages, debts etc. Critical illness does not pay out if you should die.
Taking out a life insurance policy provides peace of mind for your family and dependants in the event of your death. Should the unthinkable happen during the term of the policy, the beneficiaries of the policy will receive a lump sum or regular payments.
Private Medical Insurance
If you’re self-employed and cannot afford to be off work while you wait for NHS treatment, private medical insurance may be the answer. Depending on your level of cover, you will have access to private healthcare treatment, a choice of specialists to look after you, as well as when and where treatment takes place.
At Flexible Health, we work with you to find the most suitable health insurance for you and your family.
For advice on affordable health insurance for the self-employed, call us on Freephone 0800 8497744.
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