Protecting the income of the self employed – 4 things you should read

On the last day of the Income Protection Task Force’s Income Protection for the self employed, we look to round up a list of articles covering some of the important considerations from a product point of view when discussing IP with self employed clients.

Why income protection is important for the self employed – Marc’s Story

Take a look at a real world example of just how income protection can support the self employed. The story of Marc’s claim with The Exeter not only highlights how income protection is a vital financial support but also how the additional vocational support insurers provide can help someone get back on their feet again.

Why wouldn’t you guarantee the income protection benefit amount for the self employed?

• It doesn’t cost any extra…
• It guarantees the amount of benefit paid regardless of income levels pre-incapacity…
• If you have a client whose earnings fluctuate (a big issue for the self-employed), why wouldn’t you recommend it?

In this article, we take a look at how advisers can have their clients financially underwritten at the start of their income protection plan with The Exeter and Vitality Adviser to lock in the benefit amount.

Just starting up as self employed or had a period of low earnings?

Don’t worry, non-financially underwritten plans may be the answer

If you are just starting out as self employed, gone through a period of low earnings or even for whatever reason cannot guarantee a stable income, the benefit level you can get on income protection plans may not be sufficient or risk over insurance. There is an answer however, and as there are a number of insurers that offer non-financially assessed income protection plans. 

A minimal level of cover regardless of earnings prior claim

It is the feature that many advisers are perhaps most familiar with and it provides that extra safety net for clients if their income has gone down. But what are the Minimum Benefit Guarantee limits across income protection policies and what should you be aware of to ensure your client is fully covered?