Yes, having an insurance policy suited to protect the income protection of the self employed is very important. Without any company or employee sick pay to fall back on, the self-employed are particularly at risk. Seek advice when taking out a policy and always talk to an expert broker who can help you with the right policy.

There are limits on the amount of income cover you can take out. You can purchase more than one income protection policy, but there may be more cost-effective ways of getting cheap income protection insurance. It is possible to have several policies in place. For example, there may be a limit of 50% of your monthly salary.

Having accident, sickness and unemployment insurance as well as permanent health insurance may be a better option. In the unfortunate event of an illness or accident, the accident, sickness and unemployment policy will cover you after 30 days, and, after 90 days for the first 12 months of redundancy. Then your other policy for permanent health insurance will cover your income for as long as you need until you retire. So both policies have you covered.

Some income protection policies are designed to work alongside any state benefits and some will pay out after state benefits finish. Talk to a broker to get advice about which income protection policies will work best for you in your situation.

You cannot purchase a joint income protection cover. This is because each individual has separate and unique circumstances. If both need income protection insurance you will need to look for separate policies and receive separate advice.

Absolutely, income protection insurance is one of the most important insurance products you should invest in. Your regular income is needed to pay bills and your mortgage or rent, it would be advisable to protect yourself from unexpected redundancy and should you have an accident or unexpected sickness. Every working person probably needs some sort of income protection.

Income protection insurance will only cover a percentage of your salary for the term of your policy or while you are employed. You'll need life insurance cover, if you want to provide for family or dependants upon death.

Your income protection policy may potentially cover you if you are made redundant. It will not however cover you if you get fired from your job. Read the terms and conditions carefully or contact us for advice.

An income protection policy should be right for you. This is why it is important to compare income protection insurance from a number of providers.

To find the right wage protection cover you'll be asked a number of questions such as: whether you would like to protect your income, bill payments, mortgage, loan or credit repayments or other outgoings. You will also be asked whether you want the policy to run for a fixed number of years or until you choose to retire, and at what age you are likely to retire.

Your insurer will also need details on your gross income, name, date of birth, postcode, if you are a smoker and how much you need the income protection cover to pay out in the event of a successful claim.

There are a variety of income protection insurance options to choose from. Cover will ensure you are provided with a monthly income.

To find the best insurance to protect your income, it's worth seeking advice as there are a number of options.

To get a quote and purchase income protection insurance, you will need to be in work, either employed or self-employed and earning regular income. The amount you earn will be needed in order to calculate how much you need the personal income protection insurance cover you need.

All income protection providers have different eligibility criteria. Examples include; you may need to be a UK resident, work more than 16 hours a week and registered with a local GP.

The first step is to complete an application form for the provider of your choice. This can be done online or over the phone. Should you have any questions regarding your insurance cover, our qualified experts are always available to help.

Your cover will begin as soon as you pay your first monthly premium.

Details on how to make a claim will be found in your policy documents. Your income protection provider will ask you to provide evidence that you are no longer working and to confirm your loss of income.

Once your income protection insurer has confirmed that you meet the criteria of your chosen policy, you will start receiving your monthly benefit amount until you return to work, or until your benefit period is up.

The vast majority of income protection insurance companies will offer you income protection cover until you retire, but some will specialise in income protection insurance for the shorter term, between 12 to 24 months.

When thinking about your ASU cover, it's a sensible start to think about how much money you'll actually need if you need to cover your outgoings. It's always a good idea to talk to a specialist as they can help you work this out.

Type of insurance, waiting period, term length and benefit amount are all things that will affect the cost of your income protection. As you would expect, the more comprehensive the cover the higher the monthly premiums.

Type of Insurance
The type of income protection insurance you’re looking for will have an impact upon the price you pay for your monthly premiums. If you’re looking for involuntary redundancy cover alone, it could well be less expensive than covering yourself against sickness, accident and redundancy insurance.

Waiting Period
A huge factor on premium cost is deciding upon when you want your income protection payments to start. Simply the longer your waiting period the lower your monthly premium

Benefit Amount
Working out how much you will need per month to maintain your lifestyle and pay bills will help you to determine how much you want your income protection insurance to pay out. The money is tax-free and you can also claim Job Seeker's Allowance or Statutory Sick Pay.

Term Length
Choosing wage protection insurance that pays out until you reach retirement age will cost you more than income protection cover that only pays out for 12 months after you become unemployed.

Speak to our specialist and technical income protection insurance advisers who are on hand to answer any queries you might have. Medical history and smoking habits will also be a factor, so it's essential you get advice on the right policy for your needs.

As well as income protection insurance you may want to consider mortgage income protection. This product covers the monthly cost of your mortgage. There is also redundancy protection insurance (unemployment cover) which also supports you with your monthly outgoings should you be made redundant.

A good income protection policy can often come with a number of in policy benefits. Seek advice and talk to an expert as they will vary from insurer to insurer.

The benefits vary between insurer but can include:

Hospitalisation Benefit
Fracture Cover
Global Treatment
Cancer, Speech and Cardiac Support
Guaranteed Insurability Option
Career Break
Death Benefit and Bereavement Counselling

When deciding to purchase income protection insurance, it's useful to think about how long you'd like the policy to pay you for. It's also essential you consider what percentage of your current salary you'll need to maintain your lifestyle.

Income protection insurance can be described as an essential insurance policy. It will provide a tax-free weekly or monthly income to help pay towards your financial outgoings.

Income protection will help cover mortgage, food, bills and other lifestyle purchases if you are unable to work due to illness.

A deferred period is simply the length of time you will need to wait before making a claim on your policy. You will set your deferred period based on how long you can support yourself without an income coming on. Seek advice on deferred periods and always talk to an expert.

Income protection insurance provides you with a regular income if you are off work due to accident, sickness or long term illness. You can also take out unemployment insurance to protect against redundancy. Talk to an income protection specialist to get the right policy for your needs.

Mortgage payment protection insurance is a type of income protection policy which helps secure your mortgage payments during the term of your mortgage if you are unable to work due to poor-health or following an accident.

When looking at income protection insurance, you can consider two types of term:

Short term, which is where a monthly income is paid to you over a set period of time - usually 1 or 2 years.

Long term, which will usually take you to retirement age or a fixed number of years.

There are widely three different types of income protection insurance:

Guaranteed premium – the monthly premium you pay each month is guaranteed not to change unless you make updates to your income protection policy.

Reviewable premium – your monthly premium may start off at a set price, but your income protection insurance provider reviews the payments after a set period of time and it could change.

Age-related policies - quite simply an age-related policy increases with age.

It’s also worth remembering to check the occupation class that’s included within your policy. An own occupation income protection insurance policy will pay out if you have an accident or illness which prevents you from doing any part of your job.

Alternatively, the policy may state ‘working tasks’ which means a claim will be paid if you are unable to undertake certain everyday tasks.

When you take out income protection insurance cover you can choose when the policy pays out. The most expensive option is to receive an income as soon as you are deemed unable to work and therefore would receive a payment right away. Alternatively, you can wait for a certain amount of time, such as six months which would be much cheaper. This may well be suitable if you receive a sickness benefit package from your employer for the first six months off work. If you only need to receive income for a short period of time, say a year, then you could look into buying a Short Term Income Protection Plan which would be much cheaper. The majority of income protection policies last for a set period of time, for example until you are 65.

You should always think about considering income protection insurance. Self-employed or employed it's relevant to both. It is always important if you have a family to think about.

Do you have enough savings in the bank to cover your mortgage and other monthly outgoings?

Are you prepared for the unexpected?

An income protection policy brings peace of mind that should you suddenly be unable to work due to sickness, an accident or being made redundant, your financial commitments are taken care of.

There are simply two types of income protection: accident, sickness and unemployment insurance products which offer short term income protection, paying out for only one or two years, and long term income protection, which provides you with regular monthly income until either you are able to go back to work or the policy ends.

Short Term Income Protection
Both payment protection insurance (PPI) and mortgage payment protection insurance (MPPI) fall under the banner of accident sickness and unemployment. Payment protection insurance will usually cover a specific loan or debt while mortgage payment protection insurance covers the cost of mortgage payments for the policy term.

Long Term Income Protection
Long term income protection, provides you with a regular income either until you are fit enough to return to work, or until the term of the policy ends.

You can apply for income protection insurance as long as you are self-employed or in full or part time employment.

Income protection insurance does not interfere with sick pay as it generally takes over when sick pay benefit ends. If you’re not self-employed and your employer provides sick pay as part of your employment package, it will normally last for a certain period. All long term income protection insurance plans won’t pay out until your salary stops, so it’s worth checking with your employer what benefit, if any, you would be entitled to should you be off sick.

If you are self-employed, it’s definitely worth considering self employed income protection as you won’t have the benefit of an employee sickness benefit package.

Accident, sickness and unemployment insurance will be linked to your salary. Some policies will cover specific out-goings such as mortgage and rental payments, loan agreements or regular commitments such as council tax, utilities or insurance payments. The benefit of a policy which is linked to specific bills, such as a mortgage, is that in some circumstances the cover will be slightly cheaper. This is because the level of cover is not as flexible as one insuring only your income and will often be more limited in terms of the amount you can cover.

Income protection cover, redundancy protection insurance and mortgage redundancy protection insurance will all fall under the label 'accident, sickness and unemployment'. All of these policies will pay you monthly for up to 12 months should you need to claim.

It is important to remember that if you purchase a policy specifically linked to a commitment, you will need to provide evidence of this in the event of a claim. Due to this, the paperwork is slightly more in depth than with a straightforward Income policy.

Almost everybody will have a need for accident, sickness and unemployment insurance. You should think about your savings, how long would these last for if you had to rely on them to cover your mortgage, rent and bills every month? Could you survive on Statutory Sick Pay (£94.25 per week) or Job Seekers Allowance (£73.10 per week)? Do you receive sick pay through your employer if you are off work?

Do you live with your partner and/or children? If you do, how might it affect the family if you lose your regular income? With such financial stress, would you be able to focus on full recovery from your accident or sickness, or find a new career - how might this situation affect your loved ones? After considering the answers to these questions, you should definitely think about the benefits, to you, of buying accident, sickness and unemployment protection. A lot of people put it off and think 'this will never happen to me' until it does, which makes it too late as it is impossible to purchase accident, sickness and unemployment protection after the event has occurred.

A good starting point is to sit down and work out the total of your regular monthly bills and the cost of running the household each month. This will give you a figure to insure for, also think about how long you could last should your regular income not be coming in.

It's important to arrange your accident, sickness and unemployment cover as soon as you can. You will then have complete peace of mind in case the worst scenario becomes a reality.

You will not be tied into your accident, sickness and unemployment cover, you can stop paying premiums at anytime and your cover will simply stop. However, if you choose to keep cover, it can run right up until retirement age.

You should now have completed your research into income protection, meaning that you are ready to compare quotes using our online application system. You can complete your details and requirements, which will generate instant quotes where you will be able to read the policy documents and specifics of policies, from market leading insurers.

Things to consider when comparing policies include the benefit you require, the different initial exclusion periods and how quickly the policy will pay out should you need to make a claim.

All accident, sickness and unemployment policies will differ slightly in terms of their extra benefits. Some might have support getting you back to work or additional legal protection, so it is always important to read the policy benefits. Other extras include waiver of premium should you ever need to claim or reduced working hours.

It is important to arrange the correct accident, sickness and unemployment policy, ensuring that you understand the policy terms and conditions in order to purchase and to claim is essential.

It's easy to compare income protection insurance quotes online now, or you can speak to one of our experienced insurance advisors who will guide you through the process.

Policies will differ in terms of cost depending on a number of various factors. For example, if it includes extra features which may make it more expensive or does it have individual benefits. There are certain standard points within an accident, sickness and unemployment policy which form the general cost of the plan.

Initial Exclusion Period
The initial exclusion period for unemployment usually ranges from 60 - 120 days. This is the period of time, from inception, where you cannot be made aware that your job is at risk or make a claim.

Period/Deferred Period
The excess period is the length of time that you are willing to support yourself for, should you need to make a claim. Generally, the sooner you need a claim to be paid out, the more expensive the premium will be.

Benefit amount
This is the amount of money you would need to receive if you make a claim. The more you cover, the more it costs.

The policy holders age
A person's age will be taken into account by all insurers as unfortunately, the older you are the more expensive accident, sickness and unemployment cover is. It is typically measured in 5 years bands, meaning that the cost of your monthly premium will go up every 5 years.

Some insurers consider other factors when calculating the cost of income protection insurance, for example; your postcode, your health and lifestyle, the sector that you work in and what your job title is - all of these can impact the monthly premium.

It is very important to purchase accident, sickness and unemployment cover knowing exactly what an eligible claim looks like. It will be easier to split this into two and look at accident and sickness separately to unemployment. For further clarification, you can certainly call and speak to us or find more details in the relevant policy wording.

To claim under and accident and sickness policy, you must be signed off work by your GP or a medical specialist. Most policies will require you to be off sick for a minimum period of 30 days, although this does vary between providers. Some generic exclusions include; pre existing conditions, self-harm or elective plastic surgery and self inflicted injuries such as drug or alcohol abuse.

If your accident or sickness arises from stress, anxiety and depression or you have a back, neck or spine problem you will need to be referred to a Consultant by Your Doctor in order to claim rather than just being signed off by your GP.

You must also be out of work for a minimum period of 30 days with an unemployment claim. In this situation you must be seeking alternative employment and proving this by signing onto a job-seekers agreement for the duration of your claim.

If you are self-employed and claiming for unemployment you must have permanently ceased to trade due to circumstances entirely beyond your control. You may need to file your closing accounts and wind the company up.

Examples of when you cannot claim would be if you choose to leave, accept a voluntary redundancy package or are sacked because of misconduct or disciplinary.

To summarise, events in which you can claim must be completely unforeseen and whether this is in relation to accident, sickness or unemployment you must not have any knowledge before purchasing cover.

It is important to shop around when you are buying accident, sickness and unemployment (ASU) insurance to ensure you get good value for money. You can compare a range of insurance policies from different income protection providers, taking into account any variations in cover and how much it costs, before making a decision.

Howden Life & Health offer a comprehensive comparison panel for income protection insurance so will be a great place to start your search.

ASU cover will ensure you have financial stability in case any of the below reasons prevent you from working. Your policy will then pay out for a maximum of twelve months and cover a portion of your salary as agreed in your policy.

You become sick and are too unwell to work;

You suffer an accident or injury and cannot work;

Through no fault of your own, you have lost your job for example, you are made redundant;

There will be some standard exclusions when you purchase ASU cover, as you would expect with any type of insurance. For instance, you should not buy an unemployment policy if you have reason to believe that you might be about to lose your job. Be aware that if you do, your ASU policy will be invalid.

In the event of a claim, insurance companies would look into your circumstances before agreeing to payout. If it came to light that you had purposely tried to insure yourself with knowledge of redundancy, you will more than likely find that you are not covered.

When you first purchase an ASU policy, you will probably find there is a waiting period where you won't be able to make a claim. This is known as the 'initial exclusion period' and even if you were completely honest with your insurer when arranging the cover, you'd be unable to claim during this time if you were out of work. This period is usually around 90-120 days, although can be shorter or longer with different insurers.

Something else to be aware of when looking into ASU cover is the waiting period. You will probably have to wait at least 1 month before the insurer will start to pay you. After this, the policy will usually cover you for up to 12 months per claim.

Most ASU policies won't cover for those over 65 years of age or for employees with less than 6 months continuous employment, you should speak to an adviser if this is the case for you.

ASU providers will ask about your health when you apply for cover, and you will be required to disclose any pre-existing medical conditions. These are likely to be excluded from your policy along with general back problems and stress.

Mortgage and income protection policies will begin to pay out after 31 or 60 days after you stop working due to accident or illness. It's worth checking policy details so you understand exactly how your insurance policy works.

Many insurers will cap their benefit amount so you'll need to get advice when purchasing a policy to ensure your mortgage and lifestyle are covered.

Talk to an expert when seeking an income protection policy to ensure it works for you the way you need it to.

You should check whether the Payment Protection Insurance policy will pay you directly in the event of a claim. This is because if you are entitled to some income-related benefits, your cover could affect these. Some policies will pay the benefit directly to the lender.

It's important to ensure you have not doubled up on cover so you should check that you don't already have something through your employer or elsewhere, which might protect you if you are unable to work.

Many income protection policies will not offer protection if you are made unemployed, they will just guarantee you receive a regular income if you can't work due to sickness or disability. These types of policies can pay out until you retire or terminate the cover. If this is the type of policy you have, you should consider taking out a separate unemployment income payment protection plan too so that you close and gaps.

It's important to remember that unemployment cover won't pay out if you know of potential redundancy threats.

The Government will be able to help out with some mortgage costs if you are out of work, however not everybody is eligible and they would usually only cover the interest part of your mortgage.

If you have an MPPI policy, the entire mortgage can be covered and this will give you complete peace of mind.

Payment Protection insurance is, of course, a great way to protect your income but it may not be most well suited to you, there are many financial products that you could consider.

Depending on your situation, it could be that income protection, life insurance or a critical illness policy is better suited to you. These would cover you if you became seriously unwell or passed away.