18-01-2008
ABI offers advice to self-employed
News by Adfero for Simply Business - independent providers of business insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The Association of British Insurers (ABI) believes in the importance of life insurance for the self-employed.
According to the organisation, the self-employed should consider ensuring they are in possession of adequate life insurance cover, given that - among other things - they constitute their only source of income.
Such entrepreneurs may also be in possession of insurance products such as tools insurance, security insurance and liability insurance.
"If somebody goes self-employed, that's a time when they might well be giving up some life insurance that their employer has been providing in the past," said Nick Kirwan, head of health and protection insurance for the ABI, an organisation with a membership base of approximately 400.
"All of a sudden they become responsible for all of their own benefits - they don't get sick pay any more."
The organisation also believes that it should be considered whether any existing life insurance products, held by the self-employed, need to be extended.
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