Protection  

Why protection for the self-employed is more important than ever 

  • Describe the importance of income protection for the self-employed
  • Identify the factors affecting premiums
  • Explain some of the key points about income protection policies
CPD
Approx.30min

Remember, IP insurance will support your client financially if they cannot work because of injury or illness, but not if they are made unemployed.

Policies have no cash-in value, and if the policyholder stops paying the premiums, the cover stops and they will get nothing back.

Other benefits  

Your client has made a claim, so what is next? Many providers now offer additional support and expertise to help claimants get on the road to recovery and back to work, such as:

  • Vocational rehabilitation consultants – usually certified disability management professionals who will visit your client at home to get a detailed understanding of the support and services they need.
  • Case managers who are trained in counselling and work rehabilitation, who offer advice and emotional support.
  • Specialist clinicians, including doctors, mental health nurses, specialist physiotherapists, occupational therapists, occupational health advisers and nurse specialists in mental health, cardiology, oncology, orthopaedics, rheumatology, midwifery and women’s health experts.

Taking advantage of the additional support available is really beneficial for clients especially at a time when waiting lists for treatment is at an all-time high. IP does not have to be expensive and you can usually tailor the cover to meet your client’s budget if you need to. 

Richard Cooper is a business development manager at The London Institute of Banking & Finance

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. The self-employed are able to claim for statutory sick pay, true or false?

  2. Under the employment support allowance, what do people over 25 receive initially?

  3. Which of the following is NOT a question one needs to ask about whether a client needs IP?

  4. With most IP insurance, the client can make as many claims as they like while the policy lasts, true or false?

  5. Which of the following is NOT a factor in the cost of monthly premiums?

  6. IP policies have no cash-in value, true or false?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Describe the importance of income protection for the self-employed
  • Identify the factors affecting premiums
  • Explain some of the key points about income protection policies

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