Protection for Barristers
According to the Association of British Insurers, every year 1 million people in the UK find themselves unable to work due to a serious injury or illness. Although many of us would like to think “that will never happen to me” or “it is not something I am worried about at the moment”, it is of course often only seriously considered in a moment of hindsight when it is too late. A large amount of employed individuals tend to benefit in someway from their employer in times of need, but for those who are self-employed it is left to you to personally organise any cover that you may need.
Income Protection
Income protection, (sometimes known as permanent health insurance), insures part of your earnings against illness or accidental injury. It ensures you continue to receive a regular income until you retire or are able to return to work. It is not possible to insure yourself for your entire gross income; insurers feel that you need some incentive to get back to work! Income protection is usually based on a percentage of your earnings; up to 60% is the norm.
Life Cover
The most basic type of life insurance is called term insurance. With term insurance, you choose the amount you want to be insured for and the period for which you want cover. If you die within the term, the policy pays out to your beneficiaries. If you do not die during the term, the policy does not pay out and the premiums you have paid are not returned to you. Family income benefit is similar to the above, with the slight difference that the insured amount would be paid monthly/annually for the term of the policy rather than one big lump pay out.
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