Personal insurance when you're self-employed

Are you about to start your own business or go freelance? Or maybe you already own your business and now you're exploring your insurance options?

Helping you protect your financial future is, well, our business. So, here are some personal cover types to consider when you're self-employed.

Income protection & mortgage protection

When we think of self-employed professionals, income protection insurance instantly comes to mind. The reality is, your family probably rely on your income to get by. So, what would happen if you suddenly became ill and couldn't work? Would you be able to meet living costs and mortgage repayments?

Income protection is designed to replace up to 75 per cent of your pre-disability gross income if you're unable to work due to illness or injury. You just need to choose what percentage to insure, the 'wait period' (how long after your claim your insurance will start to pay), and the 'benefit period' (how long you will receive the claim payments for). Not quite sure what you might need? Please don't hesitate to contact us: we can talk through your options.

Now, you may be wondering: why would I need income protection when I already have ACC? The reality is, even though they look similar, each provides different benefits. Unlike income protection, ACC only covers injuries and not illnesses. And unfortunately, serious illnesses can happen to anyone at any age.

Click here to learn more about income protection or use our quote compare tool to get your quotes in minutes. Alternatively, if you're just looking for a flexible way to cover just your mortgage payments — you may look into mortgage protection insurance.

Life insurance

Just like income protection, life insurance is worth considering if you have people who depend on you financially and/or a high level of debt (e.g., a mortgage).

Life cover is a way to provide a lump sum payment to your family if you're no longer around to provide for them. And your loved ones can use the payout as they like or need. Many people use it to repay the mortgage in full, or to create a replacement income stream for a period of time.

Taking out life cover as a self-employed person could make all the difference down the line. Click here to learn more about life insurance or use our quote compare tool to get your quotes in minutes.

Trauma insurance

Sometimes, a serious medical condition doesn't necessarily mean you're unable to work. But you may want to take some time off to focus on your recovery — or just spend a few moments making memories with your loved ones.

Trauma insurance provides a lump sum payment if you're diagnosed with one of 40-plus serious conditions listed in the policy. The complete list varies from provider to provider, but things like cancer, strokes and heart attacks are usually included.

The key benefit of this option is flexibility. You can use the lump-sum payment as you like. For example, if you're self-employed, trauma insurance may provide you with a replacement income a while. It's up to you.

Like to learn more about this powerful protection tool? Click here, or use our quote compare tool to get your quotes in minutes.

Health insurance

Last but not least — health insurance. In emergency situations, the New Zealand public healthcare system usually does a great job. But for non-urgent situations, medical treatment can often involve long waiting times. These include painful conditions that require hip replacements, and even more serious medical issues, like cancer.

By providing you with faster access to private treatment, health insurance can give you more options, and most importantly, can fast-track your journey to recovery. When you're running your own business, taking care of your well-being is crucial — and health cover can help you do just that.

Click here to learn more about health insurance or use our quote compare tool to get your quotes in minutes.

Here to help

At LifeDirect, we care about protecting your financial health. If you're looking for cover, our quote compare tool is a good place to start, but we're also real people and we're just a phone call away. Call us on 0800 800 400, start a Live Chat or fill in our contact form to get in touch with our team.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.

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