Shepherds Friendly, one of the world's oldest mutuals, has introduced a new income protection plan which potentially takes a massive weight off self-employed parents' minds.
Shepherds Income Protection Plan is aimed primarily but not exclusively at self-employed people between the ages of 16 and 60. In the event of sickness or accident, the plan will pay the policyholder up to 60% of his or her regular income when employed, or 60% of net profit if self-employed, subject to the maximum allowed - no matter how many times he or she makes a claim.
There is also the option to add children to the policy to cover any potential extra expenses or reduced income while they are nursed back to health in the event they are unable to attend school. Cover will continue until the age of 16 and any number of children can be included and added or removed throughout the life of the Plan.
Geoff Spencer, Chief Executive, Shepherds Friendly Society, says: "Our new plan is competitively priced and flexible, and will be
medically underwritten by a dedicated tele-underwriting organisation. It is designed to provide benefit to the self-employed or anyone who does not receive an income, or limited income, from their employer in the event that they are unable to work due to accident or sickness."
The plan is designed to be highly flexible, the level of benefit can also be increased or decreased to suit the policy holder's circumstances, such as a change of job.