I have gone self employed after 20 years in salaried work.

I was wanting to take out some life insurance only about £100k worth and some illness cover if for anty reason i cannot work for a while due to illness/ accident.

Anyone got any advice or know any good policies companies i should look at?

Compare life insurance at the excellent moneysupermarket: https://www.moneysupermarket.com/life-i ... antdetails Most of those sort of policies can include "critical illness" cover i.e. you get diagnosed with something pretty grim. As for normal illness cover - I wouldn't bother. I am no insurance expert but I think you would struggle to get anything at any sort of reasonable premium, and watch the type of policy as many have taken one out only to find that it doesn't actually cover self-employment. You could try this and see what it turns up, but I would very carefully look at the exclusions on any policy you were offered. https://ctm.mooso.co.uk/default.aspx?AFFCLIE=CM01 It is way too easy for insurance companies to take premiums for this sort of thing, but then reject any claim on the basis that they were not told the full facts about your medical history - or even your family's medical history. Even if they didn't specifically ask.

Compare life insurance at the excellent moneysupermarket: https://www.moneysupermarket.com/life-i ... antdetails Most of those sort of policies can include "critical illness" cover i.e. you get diagnosed with something pretty grim. As for normal illness cover - I wouldn't bother. I am no insurance expert but I think you would struggle to get anything at any sort of reasonable premium, and watch the type of policy as many have taken one out only to find that it doesn't actually cover self-employment. You could try this and see what it turns up, but I would very carefully look at the exclusions on any policy you were offered. https://ctm.mooso.co.uk/default.aspx?AFFCLIE=CM01 It is way too easy for insurance companies to take premiums for this sort of thing, but then reject any claim on the basis that they were not told the full facts about your medical history - or even your family's medical history. Even if they didn't specifically ask.

I was self employed for 23 years and my bank tried every year without fail to get me to take up critical illness cover, I laughed at their policy every year, extortionate cost for what was nothing more than a simple life insurance policy.

From memory you had to have been diagnosed (not just treated for an illness) that was life-changing or terminal and the diagnosis had to be six months old before they would start to pay out an equivalent sum to your monthly salary, the idea being that you would fund yourself for six months and then the policy would take over.

As I explained every year, if I was THAT ill, so ill that I couldn't work for six months, then we would sell the business and change our lifestyle and no end of persuasion from a bank sales rep (or "financial advisor" as they prefer to call themselves) would ever convince me otherwise.

Some good advice on Income Protection insurance for the self-employed.... www.which.co.uk/money/insurance/ ... -to-avoid/

Some good advice on Income Protection insurance for the self-employed.... www.which.co.uk/money/insurance/ ... -to-avoid/

You're probably better off just whacking some money into a savings account (if you can find one).

When I was diagnosed with RA and was weighing up the options of giving up work, I had a look at what my mortgage "critical illness" would cover me for. And I was shocked. Not only for instance do you have to be an amputee, you have to be a [idouble[/i amputee before they would even [iconsider[/i paying. You also had to have something like 6 months to live before they would pay out. Something as debilitating as rheumatoid arthritis that left me bed bound at that time was just a piffiling little ailment to them. As was pointed out to me the DWP will pay the interest on your mortgage for a time, which helps.

I now just have life insurance, as does Mr HWS, to cover either one of us for the mortgage. I woudln't waste my money on illness or critical illness cover and thats coming from someone with a diagnosed, recognised condition

I took out a policy to cover the mortgage a few years back. Basically if I die, get cancer or suffer heart disease, the policy will pay a sum that started out at about 90K and reduces over time to roughly mirror my outstanding mortgage. Premium is about 60 quid a month and seems fairly unambiguous as to when it will pay out. As for other types of cover, such as sickness benefit as others have said, I'd forget it - too many loopholes and exclusions just accept that if your health goes your lifestyle is going to change radically.

On critical illness insurance go to a reputable IFA and discuss - it is notoriously difficult to get get a payout. Make sure you read the terms and conditions and exclusions very carefully and insure with a proper insurer (although that's no guarantee).