income protection insurance (UK)
Thread poster: Krys Williams

Krys Williams  Identity Verified
United Kingdom
Local time: 21:20
Member (2003)
Polish to English
+ ...
Sep 15, 2008

Being totally reliant on my earning capacity alone, with no other source of income or financial support, I've been thinking about security issues quite a bit.

I made a tentative query to a broker specialising in financial services for freelancers concerning income protection insurance, which start would pay up if I was unable to work for more than one month (or 3, 6, or 9 months) due to illness/disability. I was told that I am not eligible because some of my income is paid from agencies outside the UK. However, this was already after I had received an initial quotation, which showed that the premiums involved would come to about 20% of my net income in order to protect about 60% of that income!!!

Has anyone in the UK investigated this matter for themselves. Did you actually find a provider? Did you decide to go with the insurance or did you decide just try to build up savings instead?

And yes, I do currently have savings and an almost paid-off house, which is why I felt confident enough to leave employment and go freelance in 2004. However, this may all change due to the injustice of divorce courts. At nearly 55 I would not really stand much chance of re-entering employment, nor do I wish to if I can avoid it.


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Henry Hinds  Identity Verified
United States
Local time: 14:20
English to Spanish
+ ...
Tough spot Sep 15, 2008

The injustice of divorce courts can break anyone. The only solution for that is to never have gotten married. So actually it is better to be broke, you see, because you will have no assets to be divided with your ex.

Then you start over.

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Claire Cox
United Kingdom
Local time: 21:20
French to English
+ ...
I sympathise... Sep 15, 2008

I'm in a similar predicament, Krys, so you have my heartfelt sympathies. I'm having to take my ex-husband back to court to try and get him to pay for his eldest son to go to university.... His earnings are many multiples of mine and of course he has a huge pension and all the sickness and redundancy benefits that come with a salaried position. I have in the past investigated sickness, accident and income protection insurance, but as a freelancer there just seem to be too many obstacles. I have taken out critical illness cover linked to my life assurance to cover major accident/illness scenarios, but in the end I decided it just wasn't worthwhile paying the exorbitant premiums for income protection cover. I try and keep a decent amount in savings - isn't six months' income the recommended figure? - and keep as fit and healthy as I can!

[Edited at 2008-09-15 22:11]

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income protection insurance (UK)

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