Accident and Sickness Cover for the Self-Employed
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What is the point of Accident and Sickness Cover? Well, as a self-employed individual this is potentially one of the most vital insurances you could have. An Accident and Sickness policy provides a replacement of your monthly income should you be unable to work through illness or injury. As a self-employed individual you are entitled to no statutory sick pay and should you fall ill, you could really struggle to make ends meet.
If you are unable to work you may be eligible for Employment and Support Allowance (ESA). The amount you may receive depends upon your age, starting at £56.80 per week for the first thirteen weeks. Following this you may be eligible for between £100.15 or £106.50* per week, but this will depend upon additional circumstances such as any savings you have.
What can I cover myself for?
How much of my income can I insure?
What is the cost?
The same person wanting to increase the claim period to 24 months could secure cover for:
|Deferment Period||Policy Premiums**|
|30 days back to day 1||£30.36|
|60 days back to day 31||£28.20|
|90 days back to day 61||£24.84|
As you can see from these examples there is not a great difference between the policy premiums and deferment periods. With the self-employed receiving no sick pay and the small difference between the costs, it is recommended that you opt for the smallest deferment period that your budget allows for.
**Premiums are based upon research conducted on the 15th November 2013 Premiums quoted are for illustrative purposes only, actual premiums will be dependent on individual circumstances.
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