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Address The Risk Of Self-Employment

One of the biggest trends of modern times is self-employment. Not so long ago, this would have been unheard of. You went to school, got a job, climbed the corporate ladder, retired and died. But not anymore. Millennials make up the majority of the workforce these days, and one of the biggest traits of a millennial is the desire to be their own boss. They don’t want to be in an office all day every day just for the sake of being in an office. They desire control over their own circumstances. That is why the freelance pool has grown larger and larger, and the number of people that are self-employed has increased.

However, being self-employed is a risk. You don’t have the same employment rights if any. That is why it is so important you consider your personal insurance options to protect you from any sudden loss of income. This is important because, as a self-employed individual – you no longer have anyone else to rely on if something was to happen to you, whether that be sickness cover or health insurance or any other number of issues.

That is why we are going to discuss the different personal insurances, in which there are several options available to you.


  1. Protect Your Income

This has to be one of the most valuable forms of insurance to anyone that is self-employed. The main benefit of it is its longevity, allowing you to be covered for a set number of years should injury or illness prevents you from being able to complete your work. This form of insurance is designed to cover any loss of income should it be required. As such, it usually covers most – or all – of your after-tax income. In short, it is just a matter of weighing up the risks of a small monthly payment against not being able to work for months, possibly even years. That is why it is worth seeking out some personal injury help, in which we recommend you speak to a professional who will be able to tell you what would happen in the case of you falling ill or get injured at work.

  1. Insure Your life

This has to be the most extreme insurance available to you, but it is worth taking out a policy as a matter of urgency. Life is unpredictable, short and delicate, so it is worth insuring against the inevitable. What’s more, the costs of taking out a life insurance policy is typically low per month and, should anything happen, your insurance company will pay out a lump sum to those stated as recipients or dependents in your will. One of the big misconceptions is that the life insurance you had as part of the perks package at your old job continues even after your employment ends. It does not. Any and all employment perks end effective immediately when you leave that employment. As such, you should get private life insurance straight away, especially if you are the main earner in a family, as it will relieve a lot of the financial hardship should anything happen to you.

  1. Protect Yourself From Critical Illness

It may be a matter of small distinctions, but critical illness cover is different to income protection. How? Well, critical illness cover is designed to pay out a sum of money should you ever be diagnosed with a serious illness, typically illnesses such as heart attacks, strokes, and specified cancers. This isn’t the only difference, either, because payments tend to be made as a way of easing the financial burdens of life after any and all diagnosis. Each cover is different, but these payments can include anything from mortgage payments, debt payments and even home renovations, should your illness require such amendments to be made. For example, it could be that you became paralyzed after an accident, in which case wheelchair access became necessary.