PLUMBERS INSURANCE - INCOME SICKNESS PROTECTION
INCOME PROTECTION INSURANCE QUOTES - FOR PLUMBERS
If you are employed, on contract or a self-employed Plumber, you may not have access to any employer sponsored sick pay arrangements.
Being a Plumber can be both physically & mentally challenging choice of job. Nobody wants to think about being off work sick or having an accident say injuring your feet or hands - but unfortunately many Plumbers themselves do suffer from some form of injury or illness during their working life.
If you own the business, also consider the income it may lose in your absence & for how long - to maybe cover insurance wise.
Most Plumbers cannot get by on limited government benefits...the figures will not add up. If you are off with any longer term illness - you will need to make arrangements for yourself.
PHI Income Protection Cover ~ Plumbers ~ Typical Key Features
Government benefits are very similar to unemployment insurance ie; probably insufficient and so people would probably see a very substantial drop in their income if they were out of work, even for more than a few months because of illness or disability.
Income Protection Insurance for Self Employed Plumbers
If you can't work because of illness or disability, an income protection plan aims to pays out a tax-free income.
"PHI Income Insurance" tries to put you back into the same situation you were in before you were ill. But it does not allow you to be better off sick than well. So the maximum amount of income you can replace is the after-tax earnings you have lost, less an adjustment for any Uk State benefits you can possibly claim.
Tell me about Income Insurance for Self Employed Plumbers
PHI Sickpay Insurance For Plumbers - Underwriting & Health Issues
You pay a monthly premium throughout the term of the "Income Insurance" policy. Cost depends mainly on:
# Your age - at the time you start the policy. Older people are more likely to suffer an illness, so pay more.
If your health is poor or your lifestyle is considered risky, you may be refused PHI cover or have to pay more than normal.
Income Insurance Quotes for Plumbers - Own Occupation Basis ?
Check whether you already have protection in place in case you get incapacitated, and for how long that protection would last. For example you may have a payment protection insurance that covers your mortgage.
Some income protection policies only pay out if you can't do any work, but you would have to be seriously incapacitated for you not to be able to work at all. Others cover being unable to do any work for which are "Suited Tasks" similar to being say a vet.
Most PHI policies would pay out until your reach age 65 or when you have chosen the cover to end.
Why not have Critical Illness Insurance Life Cover being a Plumber - instead of Income Insurance ?
Critical illness cover (CIC) - pays out a tax-free lump sum if you are diagnosed with a life-threatening condition for example some forms of cancer, heart attack, stroke, diabetes etc; as specified and listed in the policy - is a possible cheaper and simpler alternative to Income Insurance.
But there are lots of common situations when CIC would not pay out - for example, if you had back problems or maybe a stress-related illness. Additionally, not all occurrences of the critical illnesses listed are covered, for example some lesser forms / early stages of cancer maybe not covered. Ideally you should have both plans if your budget allows this. For more information on this & costs talk to a professional broker here.
Is PHI Income Insurance for a Self Employed Plumber