Income Protection Cover- Do I need it?
Needing income protection cover depends on your circumstances. If you own a barbershop and most of your work is undertaken by other barbers then you may not need this cover. In the event that you suffered an illness or injury the business could probably carry on without you. If however you generate a significant portion of the turnover yourself you should consider taking out cover. If you cant work due to illness or injury your turnover would be affected. If you had to spend a significant amount of time off work your business, your lifestyle and even your home could be under threat.
Unless you have a significant amount of savings the answer is probably yes. As you are self employed you don’t receive sick pay. You would be solely reliant on incapacity benefit which at the time of writing is between £82.00 and £97.00 per week. As with barbershop owners a significant amount of time spent off work could put your business, your lifestyle and even your home at risk.
Will it pay out?
BarberSure has access to award winning income replacement plans. These plans have historically paid more than 90% of all claims received.
How much does it cost?
This depends on your age, your health, how long you can wait until your benefit is paid and how long you wish to receive benefit for. For example a 27 year old barber who wishes to receive £1,000 per month benefit until age 65 would pay £21.50 per month. This is based on a waiting time of four weeks until benefit is paid and a maximum claim period of two years.
How do I arrange cover?
Please give us a call on 01709 717599. We can discuss the different types of cover available.