Are There Critical Illness Insurance Options Suitable for Self-Employed Individuals
Yes, self-employed individuals can access the same critical illness policies as employed people. Self-employed people often need more cover due to no employer sick pay. Consider mortgage, income replacement, business costs, and debts when calculating your cover amount. Combine with income protection for comprehensive protection.
Key Considerations for Self-Employed
No sick pay safety net
Without employer sick pay, a serious illness immediately impacts your income
Business continuity costs
You may need funds to pay temporary staff or maintain business commitments
Personal and business debts
Consider mortgages, business loans, and ongoing commitments when calculating cover
Same policies available
Self-employed individuals access the same policies and terms as employed people
Frequently Asked Questions
Can self-employed people get critical illness insurance?
Yes. Self-employed individuals can get the same critical illness policies as employed people. There's no difference in eligibility or policy terms based on employment status.
How much cover do self-employed people need?
Consider your income replacement needs, business debts, mortgage, and whether you'd need to pay for temporary staff. Many self-employed people need more cover than employees as they have no sick pay.
Is critical illness insurance more expensive for the self-employed?
Employment status doesn't directly affect premiums. However, some self-employed occupations (manual trades, high-risk work) may cost more. Office-based freelancers pay standard rates.
Should I combine with income protection?
Often yes. Critical illness pays a lump sum for specific conditions. Income protection provides ongoing monthly income for any illness or injury. Both together offer comprehensive protection.
Related Questions
This page provides general information only and does not constitute personal financial advice. Critical illness insurance products and their terms vary between providers. Always read the policy documentation carefully before purchasing. Your Home Finance is authorised and regulated by the Financial Conduct Authority.