Income Protection for Budding Entrepreneurs and Self Employed and Why You Cannot do Without It
Why Income Protection
Building wealth as an entrepreneur is no doubt a thing of mastery and difficulty. For most of us, communication with money was not a part of the principles thought at home and even at school. So in time, we find that making money and keeping it is far out of our comfort zone. So why do you need to protect your income?
If you have not figured it out yet here’s a question I ask all my clients;
“What do you do if you are unable to work to keep getting income in the long term? Especially without “blowing” away from your life savings and investments?
As entrepreneurs and self-employed individuals our income is far from stable and in as much as there are no guarantees in life, there should be some level of risk covered. Not covering your risk is simply not wise at all because if there is anything at all no one knows what tomorrow hold but we can all enjoy today and prepare for tomorrow.
Income protection protects your income by ensuring that you still receive income while you are unable to work due to sickness or accidents.
What is Income Protection
So income protection is designed to protect and insure your earnings. This will provide a steady flow of income when you need it the most.
How and Where to Get the Best Cover
There are a few insurers out there that would protect your income as a self-employed individual or entrepreneur. Most companies vary in terms of policy and the conditions of payment. To find the best cover that will pay out when you need it, look at insurance companies as being good for certain specific areas of protection. Most people make the mistake of signing up to the first insurance company that shows up high in the search engine or that calls them. The danger is you may have a policy that may not suit your needs and cover you when you need it the most. Every insurance company are very good for certain for certain aspects of protection and may not be necessarily good for other areas.
This is where an insurance broker plays an important role.
Where to Get The Best Cover
There are a number of insurers out there that specialize in imcome protection but some of these are not know in the main stream media. Although, they will insure most income earners they are available through brokerage firms and independent advisors. Get an independent qualified advisor that can look into what works best to suit your needs. Independent advisors would normally look around the market for you and most times have on their panel of insurers some very niched insurers that specialise in income protection and can offer you the best cover. Do not jump at what comes to you first because this is potentially life to change decision and you want to know the key facts about a policy you pick up.
Always go with expert advice unless you know what you are doing. Know the key facts of your chosen insurer by understanding when will the policy payout and when it will not payout. This will give you more confidence in your decision and what you finally decide on.
P.S: Click Here If You Are Looking for an Expert Unbiased Independent Review & Advice for Your Income Protection Needs
Disclaimer: This is my opinion as a qualified personal protection advisor and a business coach. This information can be used as gained knowledge toward purchasing income protection needs. However, further advice and recommendation should be taken to ensure you make a highly informed decision.