| If you are a shareholding
director or a proprietor owning more than
10% of your business's capital then you will usually only be eligible to receive
payments after your company has ceased trading, so UK income protection insurance
works in a slightly different way for you. If you are concerned about the cover
you will receive as a director or proprietor then speak to your insurer and ask
to discuss your situation in depth.
If you are self-employed then you arguably have
an even more pressing need for UK income protection insurance as it can be more
difficult dealing with a situation of loss of income. For self-employed individuals
income protection works in the same way as it does for employed consumers. The
only difference will be in your application for income protection insurance, where
you will have to specify the precise level of cover you require- because you will
not have a set income, you will not able to simply state a percentage of your
net pay. When you apply for income protection insurance, be sure to state clearly
from the outset your UK self-employed status and discuss your needs with your
potential insurer.
|
