Savings buy you time; income protection buys you as long as it takes. A healthy emergency fund might cover six months, but a serious illness can keep you off work for years, and long-term claims average measured in years rather than months. Many clients use savings to justify a longer deferred period, cutting the premium [...]

It is the definition of incapacity the insurer uses. An own-occupation policy pays if illness or injury stops you doing your own job; an "any occupation" policy pays only if you cannot do any work at all, a far harder test to meet. Own-occupation cover is the standard we recommend wherever available.

Match it to how long you could cope without the policy: your sick pay entitlement if employed, or your emergency fund if self-employed. Extending the deferred period from 4 weeks to 13 or 26 weeks can cut premiums substantially, which often makes better cover affordable.

Standard long-term income protection covers illness and injury only. Unemployment cover exists as a short-term add-on, typically paying out for up to 12 months, and comes with strict eligibility conditions. We will tell you honestly whether it is worth adding in your circumstances.

Yes, and it is arguably more important for you than for anyone employed, because there is no employer sick pay to fall back on. Insurers assess your earnings through your accounts or tax returns, and cover is based on your trading income. We advise self-employed clients on this regularly.

Typically 50% to 65% of your gross earnings, paid monthly and tax-free. Because payments are tax-free and your outgoings usually fall while off work, this level generally maintains a liveable income. You choose the amount of cover, within the insurer's limits, when you apply.