{"id":1503,"date":"2022-06-12T13:10:21","date_gmt":"2022-06-12T11:10:21","guid":{"rendered":"https:\/\/pfadvisors.co.uk\/?p=1503"},"modified":"2024-04-23T12:06:30","modified_gmt":"2024-04-23T10:06:30","slug":"self-employment-and-income-protection-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/pfadvisors.co.uk\/en\/self-employment-and-income-protection-what-you-need-to-know\/","title":{"rendered":"Self-employment and income protection \u2013 what you need to know"},"content":{"rendered":"<p><em>According to analysis of O\u00adffice for National Statistics (ONS) data<sup>1<\/sup>, a third of working-age adults now suffer from a long-term illness. The number of adults reporting a long-term condition rose by 1.2 million during the two years of the pandemic.<\/em><\/p>\n<p>Long-term ill health can make it very di\ufb03cult for people to work, with a knock-on impact on their \ufb01nances. This is particularly true of self-employed people; unable to claim sick pay from an employer or the state, their inability to work could have signi\ufb01cant \ufb01nancial repercussions.<\/p>\n<p><strong>Increase your \ufb01nancial resilience<\/strong><\/p>\n<p>Purchasing an income protection policy could be a cost-e\ufb00ective way of protecting yourself against \ufb01nancial shocks. This type of protection policy is designed to pay out a proportion of your income, tax-free, to help you cover essential costs such as bills, your rent or mortgage, and other living costs. Some insurance providers also include additional bene\ufb01ts in their policies, such as access to specialist clinicians and rehabilitation experts, to help speed up your recovery.<\/p>\n<p><strong>Ask yourself this\u2026<\/strong><\/p>\n<p>If you\u2019re unsure about whether or not you need income protection insurance, ask yourself this:<\/p>\n<ul>\n<li>Could I afford to continue paying my essential outgoings if my income stopped?<\/li>\n<li>Do I have savings to help me out if I was unable to work? If so, how long would these last?<\/li>\n<li>Could I keep my business afloat if I was too ill to work?<\/li>\n<li>Could I still look after my loved ones and dependants if I wasn\u2019t working?<\/li>\n<\/ul>\n<p>If the answers to any of these questions is \u2018no\u2019 you\u2019d likely bene\ufb01t from income protection. We can help you assess the options available and give you valuable peace of mind.<\/p>\n<p>\ud83d\udea8 Data accurate as of the date of publication \u2013 12.06.2022.<\/p>\n<p>\ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n<p>Quilter Financial Planning \u2013 Essentially Mortgages Q2 2022<\/p>\n<p><sup>1<\/sup>Observer, 2022<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to analysis of O\u00adffice for National Statistics (ONS) data1, a third of working-age adults now suffer from a long-term illness. The number of adults reporting a long-term condition rose by 1.2 million during the two years of the pandemic. Long-term ill health can make it very di\ufb03cult for people to work, with a knock-on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1501,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-1503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Self-employment and income protection \u2013 what you need to know - Prestige Financial Advisers<\/title>\n<meta name=\"description\" content=\"Self-employed - what private insurance to choose? Private sick pay for self-employed and business owners. 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