Protection for the Self Employed

Working for yourself has many benefits and provides flexibility but the downside is a lack of financial security.
When you are unable to work due to illness or injury your source of income may dry up.

If you have paid sufficient PRSI contributions, you may be entitled to State Income Support, but this only covers long term sick pay (i.e. you must be off sick for 12 months before becoming eligible to apply and you must prove that you are unable to work for a further 12 months).

Illness and injury can happen to anyone and usually without warning. In general, those who are self-employed are not covered by employers’ insurance and may not have taken out a personal policy. This can result in a significant income gap.

While you are building up your business and client base you may not be able to also build up any significant savings. According to research carried out by the Central Bank of Ireland, the average Irish household has savings that would last 7.5 months if their source of income was to stop. 1 in 6 having no savings at all.

The good news…

The cost of income protection is very reasonable and most freelance professions belong to “low risk”  classes offering lower premiums. The premiums are also tax deductible. The cost will depend on your age, your health, deferred period, and agreed level of cover.

Income Protection gives you an income each month while you are unable to work. You can use the money to pay your bills as well as expenses you might build up for your medical treatment.

However you decide to use your money it is there to support you and your family,  allowing you to focus on getting better.

At HC Financial we can talk you through the various options available to you, including monthly contributions and benefits. Remember some cover is better than no cover, so it is worth setting up a policy sooner rather than later.

Call us today on: T 091 788000 or email: admin@hcgroup.ie