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Critical Illness Insurance For Business Owners

Hard work, long hours and stress are just a few of the side effects of the freedom of being self-employed and running your own business. Unfortunately, these effects can also be catalysts for serious illnesses, thus, it could be considered even more important for the self-employed to have critical illness insurance protection.

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What is critical illness insurance?

Critical illness insurance for self-employed business owners is a policy that pays out a lump sum in the event of the self-employed policyholder falling ill with a serious illness, that means that they cannot carry out their usual business. Critical illness insurance for the self-employed is designed to cover the costs of treatment, specialised equipment, and the loss of income that might occur if the policyholder is too ill to work.

Why do self-employed people need critical illness insurance?

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Hard work, long hours and stress are just a few of the side effects of the freedom of being self-employed and running your own business. Unfortunately, these effects can also be catalysts for serious illnesses, thus, it could be considered even more important for the self-employed to have critical illness insurance protection.

Many self-employed business owners may work in dangerous jobs, including electricians, roofers, and other trades; and may be exposed to more dangerous materials such as asbestos. Critical illness insurance can often pay out to self-employed policyholders if an accident at work leaves them with a physical disability.

What illnesses are considered critical?

The critical illnesses that are covered with this type of insurance varies between providers, but the following are generally considered as critical illnesses:

All claims will be investigated by the insurance company and the level of severity and treatability will be looked at. If you have not disclosed pre-existing conditions or the illness is not considered to be ‘critical’ enough, your claim will likely be denied.

Cost of critical illness insurance for the self-employed

The cost of critical illness insurance for those that are self-employed varies in similar ways that it would for employed workers. The insurance provider will want to know about you and your lifestyle, whether you are a smoker/drink etc. and they will also find out more about your job. The cost will be very individual to you, dependent on your personal circumstances, and that is why it is important to shop around to find the best deals.

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How to secure the best critical illness insurance deal

Finding a critical illness insurance plan that works for you can be very time consuming but an insurance adviser that specialises in this type of insurance can cut that time down. Active has a team of critical illness insurance specialists who work daily with self-employed clients who want to protect their income if they were to fall ill. By using one of Active’s experienced critical illness insurance advisers, who specialises in the self-employed, you can feel confident that you are getting the right advice.

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Daniel Couchman
12 January 2024
This review is long overdue - Active mortgages got us our dream home! I spoke with around 7 different brokers from different companies which didn’t know what they were talking about but then I found Simon at active - he was straight to the point and got us the best deal and the highest amount possible. I got a bit impatient at one point but that was due to the banks taking ages to process everything - active were calm and reassured us. Highly recommended. Excellent from start to finish Even sent us a gift for Xmas - thank you!
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2 January 2024
Jamie Murray from Active Mortgages has been amazing in setting up the VAT loan, whilst we purchased our Land. Right from the start, Jamie has been proactive in finding the correct (BEST) deals for us and ensured everyone is aligned to complete on time.Highly recommend using Active Mortgages, and we would certainly be using them again for future projects.Thanks once again Jamie for all your support throughout Dec, appreciate your efforts in making sure our purchase was done on time. Many thanks Meena (and Mark Jones)
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21 December 2023
Comprehensive advice from Jamie & easy communication through remortgage process . Recommend!
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Jamie has made the whole process of buying a house very straightforward, especially for self employed. Would 100% recommend and would use again too!
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Good experience, helped us every step of the way.
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Dan has been great from start to finish. As a first time buyer it can be quite overwhelming and confusing but Dan has went above and beyond. His process was very easy, efficient and we could not recommend him enough!
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Michael Bennett
5 December 2023
Dan has been great from the first phone call. He has made everything simple and taken the time to explain everything to me as a first time buyer, answering any questions I have along the way, highly recommend
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