Best Life Insurance policies for Self Employed
A Life Insurance policy may be even more important for someone who has recently become self employed, as this type of insurance can provide the loved ones of the policy-holder with a financial pay-out. Additionally, someone who has recently become self-employed is unlikely to be able to rely on the pay-out from Death in Service cover; which is typically provided by an employer.
A Life Insurance policy with Beagle Street can cost you as little as £3 per month*, as it’s a completely online application and you could get covered in as little as 10 minutes. Your occupation won’t affect your premium unless it is high risk such as dealing with explosives – we won’t ask about what you do day-to-day.
Term Life Insurance – how it works
Types of Personal Insurance for the Self Employed
Illness cover for Self Employed
Tell me more about . . .
Benefits of Beagle Street*
FREE tool to place your policy in Trust.
Terminal Illness Cover
Terminal Illness cover included as standard.
Accidental Death Benefit
if you don’t get an immediate decision on your policy.
Online access to your account, so your policy documents are never lost.
Critical Illness cover outsold Income Protection by more than 4 times in 2015
Income protection vs Critical Illness
The regular pay-outs from an Income Protection policy will typically cover up to 70% of your gross earnings and can be used to financially protect you from loss of income if you have an accident or are too ill to work.
The one-time lump sum from your Beagle Street Critical Illness cover will pay-out an amount decided by you which can be from 10% to 100% of your Life Insurance sum insured. The amount you are covered for is completely flexible, and you can choose any amount between our maximum and minimum cover amounts. This pay-out can be used for anything you like, but may be used to cover the additional cost of: medical appointments/ equipment, a carer, or to help cover your salary if you are off work for an extended period of time.
Unlike Critical Illness cover, Income Protection will not pay-out immediately after a claim has been accepted by your insurance provider. The payment to you will be deferred from 1 to 12 months after you make the claim.
You cannot usually claim on your Income Protection policy if you are made redundant, instead you will need to consider Unemployment Protection Insurance.
Monthly payments (Premiums)
With an Income Protection policy if you change occupation it is likely that you will have to contact your insurance provider to let them know, and this may mean that you see change in your premium. The monthly payments of a Life Insurance and Critical Illness policy with Beagle Street are fixed for the term of the policy, so even if your circumstances change there’s no need to tell us as this won’t affect your premium in any way.
It’s worthwhile considering both types of cover, and you can find out how much a Life Insurance policy with Critical Illness cover will cost you by getting a Quick Quote, this should take less than 60 seconds.
Does Life Insurance cover accidental death?
Are Critical Illness insurance premiums tax deductible?
Is Life Insurance tax deductible for self-employed?
Your next decisions:
How much cover do I need?
Don’t know how much cover you need? Use our handy Life Insurance calculator for help.
Check out our collection of handy guide pages to help answer any further questions you may have about Life Insurance.
*Figures based on an 18 year old, non-smoker with £40,000 decreasing term policy over 15 years. Prices at August 2016.
The information provided is based on our understanding of tax law and practice at the date of publication. These laws and practices may change in the future, and can be affected by the individual circumstances of the policyholder.