Personal accident cover - self employed

[Jamster123]

Does anyone have any advice for personal injury cover ?

I'm not sure if I had a policy previously ( mrs currently going through paperwork ) but now that I'm self employeed , the prospect of having any major injury and being unable to work is a real worry.

Last time I remember enquiring they were requesting a lot of cash per month to cover around half of my monthly pay , also took a few months to pay out.

Any advice ? What do you pay ? What should I pay ?

[Eric Mc]

Are you reffering to a "Payment Protection Policy"?

[Jamster123]

Sorry not sure exactly , Looking for cover if I were to have an accident( in or out of work )which would provide an income should I physically not be able to work ?

[Eric Mc]

Sounds more like Key Man insurance. Who gets paid if you cannot work - the business or you personaly?

[Jockman]

Often wondered if these policies attract BIK, Eric ??

I have a Life Assurance Policy paid for my Company that attracts no BIK as I need to die to derive any advantage to it - hardly a benefit to me.

I regard this as a Key Man Policy, but I refuse to pay the extortionate additional Critical Illness extras that come at great cost

[Jamster123]

Ltd company , not sure how this would work but basically I would need money in my account to cover bills etc.

Something I should do more research on I think .

[Kudos]

It's called income protection insurance and typically paid by the individual personally rather than company.

Depending on how much income you want, age, time to wait before it pays out etc will dictate premium.

Critical and life insurance are two different things and can be paid for by ltd company.

I can recommend a good IFA for these things if you wish

[Kudos]

Should have said, if you've got kids consider setting it up in a trust.