Odd one I know but,

The Mrs gives up work in a couple of weeks which puts me back to being sole breadwinner.
I’m a gardener, landscaper, chainsaw wielding type self employed type so was thinking some sickness/income insurance cover type stuff would be sensible.

Anyone reacommend a company/policy or have any experiences they’d think would be useful to share?

Cheers
Tim

It’s very expensive isn’t it? Better to build up a rainy day fund imo

timbur (I like that…), we too decided that a saving up a fund was a better option. You are essentially ‘self insuring’, but I suspect the risks to me personally are rather smaller than in your line of work.

I worry that any policy would have a loophole that didn’t pay out after I’d fallen off and hurt myself. Or that the cover would run out before I’d got back.

I’m self employed and took out a policy for accidents and illness 10 years ago, but cancelled it when it didn’t pay out for a broken rib due to a wording issue on the doctors form, that a Belgian locum had filled in with bad english. The insurance co. wouldn’t listen to any complains, so I ended cover.

I’ve self insured since, by keeping 6 months earnings in the bank, but do worry if I break an arm or whatever then I can’t work. My wife is employed however and can cover the bills for 6 or 8 weeks if required.

Just to add. As a self employed person the benefits of a traditional pension fund are greatly reduced. You can usually get better return elsewhere and you’ll have a fund you could liquidate should something happen. It’s obviously not great to dip into the pension pot but it does make a handy safety net

I used a company called Combined Insurance when I was self employed & they paid out ok on the couple of claims I had with them. The claims procedure was a bit of a faff IIR. They did various types of cover but you could get bogged down trying to find something suitable, like they had separate accident & Illness policies with varying degrees of cover for each.
This was in the 80’s-90’s so they may have modernised things a bit. (or maybe not)
Just Googled & theyr’e still in business.

http://www.combinedinsurance.co.uk/#

Timbur = Tim Burden. At the time it wasn’t clever as I was a property surveyor. Now I’m happy and fit (ish)

Thanks for all the insite. It’s not cheap and it appears you can only cover 50% of your income. There’s a big premium if you don’t want to wait 30 days before it starts paying out either.

Self insuring sounds like a good plan. I’m only “manly” at this time of year with chainsaws, brushcutters and bonfires. Mostly it’s mowing/hedge cutting in the season.

Lifes good :O)
Cheers
Tim

Just to add. As a self employed person the benefits of a traditional pension fund are greatly reduced. You can usually get better return elsewhere and you’ll have a fund you could liquidate should something happen. It’s obviously not great to dip into the pension pot but it does make a handy safety net

very much agree with this, I am self employed and have no pension, i just pay a set amount into a an isa each month and let that build up. Also gives me the option to pull that money out in an emergency van broken down situation. You just have to be fairly strict wth yourself and pay any borrwed money back in to it, I also just forget that the account evens exists.

used a company called Combined Insurance when I was self employed & they paid out ok on the couple of claims I had with them. The claims procedure was a bit of a faff IIR. They did various types of cover but you could get bogged down trying to find something suitable, like they had separate accident & Illness policies with varying degrees of cover for each.
This was in the 80’s-90’s so they may have modernised things a bit. (or maybe not)
Just Googled & theyr’e still in business.

http://www.combinedinsurance.co.uk/#

I’m still insured with this company from when I used to race motorcycles, Have used them several times for various accidents bike and non bike related and they have been brilliant. I have definately had more out than I have paid in (so far!)
Although they dont offer my policy anymore as apparently they were losing money on all the claims! However there are several others offering the same, Properly Protected and British Friendly have been recommended to me lately.

Just to add. As a self employed person the benefits of a traditional pension fund are greatly reduced. You can usually get better return elsewhere and you’ll have a fund you could liquidate should something happen. It’s obviously not great to dip into the pension pot but it does make a handy safety net
very much agree with this, I am self employed and have no pension, i just pay a set amount into a an isa each month and let that build up. Also gives me the option to pull that money out in an emergency van broken down situation. You just have to be fairly strict wth yourself and pay any borrwed money back in to it, I also just forget that the account evens exists.

Thirded. except I over pay the mortgage heavily but can nick it back with 3 days notice at anytime.

Check the terms of what constitutes “income” for that 50% figure, if your accountant is doing their job properly, could be a smaller number than you think…