Veleta

Do any autonomos out there have an insurance policy for protection against loss of income if you are unable to work because you are ill/had an accident?

Any recommendations/bad experiences?

poolboy

I thought the autonomo contribution covered for this as part of the policy. There are various stand alone policies but remember the providers are businesses, ie, the brokers will promise the earth but the reality is it is v difficult to get them to pay out.

I am pretty sure that when my friend (an autonomo) was unable to work post illness his Dr signed him off & he got c 400e income from the state.

Veleta

Yes, that is right. You get about 20 euros per day from the state. But there is NO WAY I can live off 400 euros per month so would need something else to top that up.

poolboy

I know its low at 20e per day but don't you also get a suspension of the autonomo payments while you are signed off? otherwise you are just paying in to get the same out?

Veleta

Quite possibly, but that's still not enough. I have a mortgage and various other bills to pay each month and none of those would be suspended if I was unable to work for some time.

The only way to be able to meet all my monthly financial commitments if I wasn't working would be via a private insurance policy. I just wondered if any other autonomos have this or do they just hope that they will never get sick??

cricketman

I dont have any insurance except for the legally required ones. Insurance companies rarely pay up and cost a fortune for something like income protection insurance (this would cost hundreds of euros per month)

If it was me, I would put the insurance premiums into a savings account instead, but I do understand your worries.

Veleta

That may well be the best idea. Set aside a couple hundred euros a month (or whatever a typical insurance premium would be) and save it instead.

An acquaintance recently broke his leg playing tennis and will be off work for several months. His insurance company is paying him €600 for each day that he is in hospital, but I don't know what he will get once he leaves hospital (but still can't work). I also don't know what he pays in premiums.

But it got me thinking...how would I manage to pay all the bills if I was off work for several months? It's quite a scary thought.

poolboy

I was off work for 9 weeks with a broken foot & it can get expensive as you don't stop eating & living.

I did as Cricketman says & saved my premiums for such an event, it isn't that bad as you can always do a bit when ill & when better I just caught up on what I'd missed.

I agree entirely with views on insurance companies - they rarely pay when you need them most. Best self insure.