Protecting Your Income As A Self-Employed Parent | AD

*Disclosure – This is a sponsored post.

What Is Income Protection?

Income protection insurance basically covers a portion of your wages should you fall ill and have to take time from work.

You never know what is around the corner and having some sort of safety net in place can make these situations less stressful.
For instance when my husband at 34 years old, fit and healthy, suffered heart failure. We had no idea what we were about to face this awful period in our lives. There is absolutely nothing that can prepare you for such ordeals, but having your finances in place is one less thing to worry about.
My husband was off work for some time after his heart transplant, so income protection would have been ideal. We were lucky to have managed Ok financially, but when you have a family, it’s nice to know that if anything happens, the family won’t suffer because of it.


There are two income protection policies to choose from –

• A short term policy: This supplies an income for a set amount of time, such as 6-12 months.
• A long term policy: This will pay out as long as the policy allows, which could go on right until your retirement or longer still!

What Does Income Protection Cover You For?

I think this is the first question that comes to mind before taking out an insurance policy. Nobody wants to pay out a premium only to find when it’s time to claim, you are not covered!

Being off sick is not straight forward for self-employed families like us. There is no statutory sick pay to fall back on.
Income protection insurance can cover a wide range of injuries and illnesses such as stress-related illness, back conditions and more serious conditions like cancer and heart conditions.
Always check with your chosen insurance provider exactly what you will be covered for before you agree to take out the policy.

How Much Does Income Protection Insurance Cost?

As with all insurance policies, the cost differs for each individual. The premium will be calculated based on some of the following information –

• Age
• Maritral status
• Current health
• Smoker or non smoker
• High-risk job or hobbies
• Length of policy

I think Income Protection Insurance can be a good investment for self-employed parents. I think it would be a huge help to cover the bills and other financial worries that come with being out of work.

Is this something you would consider?