Other kinds of insurance for self-employed people
Life insurance for self-employed people is an important protection for your family should anything happen to you. As well as the worst-case scenario of your death, there are other situations that might warrant life insurance or other types of insurance.
Critical Illness Cover
Critical illness cover is an add-on policy that you can only include at the time you take out your life insurance policy with the Post Office. While it is hopeful that it will never be needed, it does offer protection in the event that you fall ill with conditions outlined in the policy document.
In this unfortunate situation, the Critical Illness Cover will pay an additional sum, to help you manage if you are unable to work. This is a particularly important type of life insurance for the self-employed, as there isn’t the same kind of sick pay that one might receive from an employer.
Many self-employed people have a home office, practice or workshop. Whether your actual work requires you to travel to other locations and you complete your bureaucratic work at home or you have a large-scale workshop attached to your house, the damage can be enormous if your home were to suffer damage.
It’s not the case that your home business will automatically be covered on your home insurance. Talk to a provider so that you can be sure you are getting appropriate cover.
Getting the right cover for your home and contents is a necessary precaution if you work from home or have a home-based business address. As well as offering your business protection, it also brings peace of mind for yourself and your family.