As a self-employed contractor or freelancer, you don’t get the luxury of sick pay, notice periods or redundancy pay. It’s natural to be worried about financial security should you become ill or out of work, so it’s worth thinking about insurance cover for your own peace of mind:
Critical illness cover
If you get a serious illness, a critical illness policy will pay out a tax-free, one-off payment that you can use to support yourself and your family whilst you’re unable to work.
If you were to be in a critical accident or become ill and die, your loved ones or chosen beneficiaries would receive a pay-out. If you work through a Limited Company, this cover can be provided tax efficiently through your business, with Relevant Life Insurance.
Income protection insurance
This pays out if you’re unable to work because of injury or illness, usually until retirement, death or your return to work.