Call us
01242 697821

Blogs

Keep up to date with the latest news and our guides on all things mortgages. 

Why income protection & critical illness cover are extra important for the self-employed

If you're self-employed in the UK, income protection and critical illness cover are extra critical. You don’t have the safety nets that employees do. Like statutory sick pay (SSP), employer sick leave, or workplace health benefits. But of course, no matter your employment status, income protection and critical illness cover add extra support when you need it most. 

Here are some reasons to consider taking out extra policies this year:

No Sick Pay or Employer Benefits
If you fall ill or have an accident, you won’t receive SSP. (Currently £116.75 per week, only if you qualify for Universal Credit or Employment Support Allowance). Unlike salaried employees, you won’t have workplace income protection, private healthcare, or death-in-service benefits.

Cover for Long-Term Illness or Injury
Income Protection Insurance replaces a portion (typically 50-70%) of your gross income if you're unable to work due to illness or injury. Helping you cover bills, rent/mortgage, and living costs. Critical Illness Cover pays a lump sum if you're diagnosed with a serious illness. Like cancer, stroke, or heart attack. Helping with medical costs, mortgage repayments, or lifestyle adjustments.

Stability for Your Business & Family
If you’re self-employed, your business depends on you. A long-term illness or accident could mean a loss of clients, contracts, and income. If you have a family or dependants, these policies provide financial support when you can't work.

Mortgage & Debt Protection
Many self-employed people rely on business loans, personal credit, or a mortgage. Income protection ensures you can keep up with repayments if you can't return to your usual role.

Peace of Mind & Flexibility
Private insurance gives reliable financial support and tailors to your needs. Some policies allow you to adjust cover based on fluctuating income.

Which One Do You Need?
•    Income Protection: Best for covering everyday living costs if you can’t work for an extended period.
•    Critical Illness Cover: Best for a lump sum payout in case of a life-altering illness.
For full protection, many self-employed people combine both. Ensuring financial stability for the unexpected.

Would you like advice on choosing a policy that fits your situation? We can help you find one specific to your needs. Give us a call today!

SPEAK TO AN ADVISER
 

Related

The Great British Affordability Divide: Where Can First-Time Buyers Actually Afford to Buy?

The Great British Affordability Divide: Where Can First-Time Buyers Actually Afford to Buy?

If you've ever dreamed of owning a home but felt priced out of the market, new data from Nationw...

Read More >
Let’s Get Your Protection Up-To-Date

Let’s Get Your Protection Up-To-Date

We’ve rounded up our insights on the top reasons to update your critical illness cover, income prot...

Read More >
Can You Use Later Life Lending To Turn Your Garden Into A Summer Oasis?

Can You Use Later Life Lending To Turn Your Garden Into A Summer Oasis?

Summer is just around the corner, and we are looking forward to Pimm’s in the garden. A couple of c...

Read More >
Looking For A Mortgage? Read This First!

Looking For A Mortgage? Read This First!

After some turbulent years, the UK mortgage market is showing signs of maturity and resilience. For ...

Read More >
Did You Know You Can Use Later Life Lending to Stay in Your Home?

Did You Know You Can Use Later Life Lending to Stay in Your Home?

As a later life lending broker, one of the most meaningful conversations I have with clients isn'...

Read More >
Is Critical Illness Cover Worth It? Honestly, Yes, And Here's Why

Is Critical Illness Cover Worth It? Honestly, Yes, And Here's Why

What actually is critical illness cover? It pays you a tax-free lump sum if you're diagnosed wit...

Read More >

What our clients say...

Stay Informed: Mortgage Tips & Trends

The Great British Affordability Divide: Where Can First-Time Buyers Actually Afford to Buy?

If you've ever dreamed of owning a home but felt priced out of the market, new data from Nationwide ...
Read More

Let’s Get Your Protection Up-To-Date

We’ve rounded up our insights on the top reasons to update your critical illness cover, income prot...
Read More

Is Your Home Insurance Ready For Summer?

We might be using summer as a helpful prompt to get you organised, because really, all of these poli...
Read More

Can You Use Later Life Lending To Turn Your Garden Into A Summer Oasis?

Summer is just around the corner, and we are looking forward to Pimm’s in the garden. A couple of c...
Read More

Looking For A Mortgage? Read This First!

After some turbulent years, the UK mortgage market is showing signs of maturity and resilience. For ...
Read More

Divorcing Later in Life? Here's What You Need to Know, And How We Can Help

Around 1 in 3 divorces now happen after the age of 50. It's far more common than people realise. The...
Read More

Did You Know You Can Use Later Life Lending to Stay in Your Home?

As a later life lending broker, one of the most meaningful conversations I have with clients isn't a...
Read More

Is Critical Illness Cover Worth It? Honestly, Yes, And Here's Why

What actually is critical illness cover? It pays you a tax-free lump sum if you're diagnosed with a ...
Read More

Protecting Your Empty Property: What You Need to Know

Do you own a house that is sitting empty? Whether it's awaiting sale, between tenants, undergoing re...
Read More

Q&A With Your Broker… What Have You Always Wanted to Ask?

Your mortgage questions answered: A friendly guide from your mortgage broker, in plain English.
Read More


Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


  • Back to top