TRADESMEN INSURANCE - INCOME SICKNESS PROTECTION
PHI INCOME PROTECTION INSURANCE - FOR TRADESMEN
Being a Tradesman 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 Tradesman themselves do suffer from some form of accident, 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 Tradespeople 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 ~ Tradesmen ~ 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 Quotes for Tradesmen
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 Tradesmen
PHI Sickpay Insurance For a Tradesman - 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 for Tradesmen - 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 Tradesmen
This website is intended for UK consumers & any information contained therein is for Generic Guidance only and is not to be construed as advice.
By completing one of our no obligation quotation request forms, you may be provided with comparison protection quotes, key facts from leading Providers - based just on the basic information you have provided. Note: These quotes will not take account of any personal, health or lifestyle issues unless a full application is completed. You also consent for us to then kindly contact you by phone - where we may offer Professional Broker help & guidance if needed. We may as appropriate then help to arrange a suitable protection policy based upon your own circumstances & needs after a further review by "advice & recommendation". This will usually be on a non face to face basis.
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