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Author Topic: life insurance/income protection  (Read 592 times)

neutralC

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life insurance/income protection
« on: 20 March 2023, 02:56:18 pm »
Hello, I have just got mortgage and looking into home insurance. But as well I have questions regarding how for us as self employed to take health insurance and/or income protections?

So first of all you can take life insurance which can have cover for critical illnesses (such as stroke, cancer etc.), on this this can be added as multi-fracture cover as well from some life insurance. But for us as self employed I think it's more important to take insurances which would cover like leg breaking etc. because then we have to stop work as well.

So been speaking with people, talking about it and I was advised if I would be looking into income protection, then for life insurance I should skip critical illnesses.

Has anyone done anything like this, what's were your to go covers?

English Green

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Re: life insurance/income protection
« Reply #1 on: 20 March 2023, 04:05:56 pm »
I always used to have life insurance but not anymore as i own my property outright now and it was mostly if you died or fell ill and could not pay mortgage.

Income protection is a waste of time as trying to get them to pay out on this type of work won't happen.

Life insurance with critical cover is what i would do if i was you.

FullyFashioned

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Re: life insurance/income protection
« Reply #2 on: 20 March 2023, 04:37:15 pm »
Hi,

Critical illness
Income protection
Home insurance

Would you like me to pass details of my insurance broker who also was excellent with my mortgage ? X

xw5

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    • I should be updating this instead...
Re: life insurance/income protection
« Reply #3 on: 20 March 2023, 08:09:53 pm »
Certainly, if I were an insurer, I wouldn't go anywhere near sex work for some of this: would you want to pay out on income protection claims because someone couldn't work because they had an STI?

Critical illness policies tend to be very precise about what they will cover and everything else isn't. Some of these policies want you to be unable to do any work, and not just their usual work, before they will pay out.

Quick reminder that insurance is an 'utmost good faith' contract, and if you don't tell the insurer something that would have altered how they saw you as a risk if they did know it, they're quite entitled to say 'we're not paying out'.
'The Ian formerly known as SW5'. What they said: "Indispensable", "You are our best resource", and (hours later!) "I'm afraid that you're being made redundant..."

neutralC

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Re: life insurance/income protection
« Reply #4 on: 23 March 2023, 08:13:45 am »
Hey, so first of all on my tax paper I am alternative therapist. Which I potentially tell them I do massages? So then it would mean my work is not only online only and I would need cover when I break leg etc.