If you’re self-employed, your income is totally dependent on being able to work. But what happens if you get sick and can’t work for a period of time? Or what if you have an accident at work and are injured so badly that it prevents you from working? If this happens, how would you continue making your mortgage or rent payments? The good news is that there are several different types of policy available in Ireland which can help protect against this scenario happening to you. They include:
If you’re self-employed, you might think that your income protection policy would be the one thing you didn’t need. But it’s important to know that unlike many types of insurance, this type does not cover you for all eventualities.
If you’re self-employed, you might think that your income protection policy would be the one thing you didn’t need. But it’s important to know that unlike many types of insurance, this type does not cover you for all eventualities.
In fact, there are several types of self employed income protection policies in Ireland and each one is slightly different depending on what kind of business or profession you have. For example:
- Occupational Sickness and Accident (OSA) – This covers sicknesses or injuries sustained at work;
- Personal Accident (PA) – This covers accidents outside of work; * Business Overhead Expenses (BOE) – This provides financial support if your business is temporarily closed due to an event beyond its control such as fire damage or flooding;
The most common types of self-employed income protection policies in Ireland
Are those that provide a lump sum payment if the policyholder cannot work due to injury or illness. This can be used as a loan to help pay wages until you get back on your feet again. Alternatively, it could be used as a payout to make up for any drop in profits while you’re off work.
self employed income protection ireland is different from employee income protection. Employee income protection will only pay out if you are unable to work due to illness or injury and it’s not your fault. In this case, it will provide a lump sum payment that can be used as a loan until you get back on your feet again. Alternatively, it could be used as a payout to make up for any drop in profits while you’re off work.
Self-employed income protection offers similar cover but there are some key differences:
- You must have been self-employed for at least 12 months before applying for the policy
- The policyholder must be registered with Revenue as self employed (you can check this online)
Income protection policies also cover loss of earnings
Due to illness or injury for pre-existing conditions as well as for new ones that occur during the term of your policy. They also often include additional benefits such as an emergency medical expense benefit and an occupational rehabilitation benefit (such as physiotherapy).
Income Protection is not just for unexpected events. It can be used to cover all sorts of things, including:
- Medical expenses
- Rehabilitation costs
- Loss of earnings
If they’re not already covered by other parts of your contract or policy,
Some people choose to have extra income protection insurance added onto their mortgage or other loans so that they can continue making repayments if they become unable to work due to illness or injury. This is particularly useful if there will be a period of time before they can start receiving jobseeker’s allowance payments from the government – which have strict conditions attached.
If they’re not already covered by other parts of your contract or policy, some people choose to have extra income protection insurance added onto their mortgage or other loans so that they can continue making repayments if they become unable to work due to illness or injury. This is particularly useful if there will be a period of time before they can start receiving jobseeker’s allowance payments from the government – which have strict conditions attached.
If you do decide on this option, it’s important that the amount of cover you purchase is enough for your needs. You should also check whether there are any restrictions on when you can claim during any given year (for example: “up until age 65”).
Conclusion
If you’re self-employed and looking for income protection insurance, it’s important to do your research before signing up with any provider. Make sure they offer the right level of cover for your circumstances, as well as adequate access if something goes wrong with your policy later on down the line.
