Self-Employed? Protect Your Income - Here's Why:
- Alexander Pollard
- 12 minutes ago
- 2 min read
When you're self-employed, you take all the risks and reap all the rewards. But have you considered what happens if you were suddenly unable to work?
Why Income Protection is Essential for the Self-Employed:
If you're self-employed, you are your business. No work means no income - simple as that. Yet many self-employed workers overlook income protection, even though they're statistically more likely to face illness or injury than death before retirement age.
Think about this: You probably insure your van or tools without a second thought, yet most self-employed professionals don't protect their most valuable asset - themselves!
Real-Life Example: Tom's Story
A real-life example of this is a gentleman called Tom that we helped last year. Tom ran a successful kitchen-fitting business and had never missed a day's work. Then a knee injury during a casual five-a-side football match turned serious. Three surgeries and nine months off work meant:
No income
No safety net
His savings drained and his house remortgaged
Significant stress impacting his marriage
Tom later confessed, "If I'd arranged income protection earlier, I wouldn't have lost sleep worrying about paying the bills."
What Exactly is Income Protection?
Income protection is a type of insurance providing you with a monthly payment if you're unable to work due to illness or injury. It:
Covers essential bills and living expenses
Allows you to recover without financial panic
Ensures your business setback doesn't cost you your home
You control how long the policy pays out, when payments start, and the level of cover you require. It's flexible, tailored, and surprisingly affordable for most people.
Are You Prepared for the Unexpected?
Ask yourself:
Could you manage three months or more without income?
Do you have sick pay? (Spoiler: self-employed people don’t!)
Could your partner or savings realistically support your household?
Think of yourself as the crucial machine that generates your income. You wouldn't hesitate to insure such a valuable asset - so why neglect yourself?
Protect Your Livelihood and Your Future
Income protection isn't paranoia; it's practical and smart financial planning. Most people don't realise they need it until they're facing a crisis, at which point it is too late.
So, don't wait until it's too late.
Protect your hard work.
Protect your income.
Protect your peace of mind.