# Self Employed Insurance



## faolteam (27 Jun 2007)

Can anyone tell me,

1. if there is an insurance cover  that will cover you if you are out of work as a Self Employed person, 

2. and can a Self Employed person pay PRSI privately , 

3. Would anyone recommend having private medical insurance like Vhi or Bupa 

4. How does one get a Tax Free Allowance

Thank You


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## RS2K (27 Jun 2007)

faolteam said:


> Can anyone tell me,
> 
> 1. if there is an insurance cover  that will cover you if you are out of work as a Self Employed person, Yes. It's called PHI.
> 
> ...



PHI is not straightforward and I'd therefore recommend seeking good independent advice.


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## faolteam (27 Jun 2007)

you are obliged to pay PRSI i was told by my accountant in the Taxi union that i didnt have to ???


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## sally2007 (27 Jun 2007)

As far as I know - you can get extra benefits like "absence from work" and "critical illness cover" on protection policies from most banks - absence from work will give a certain portion of income every week you are out of work, critical illness will pay a lump sum in the event of diagnosis of a serious illness.

You would be crazy not to have medical insurance through VHI / Quinn Life or even Vivas Health

Ring the tax office about claiming your tax free allowance - just make sure to have your RSI number to hand





faolteam said:


> Can anyone tell me,
> 
> 1. if there is an insurance cover that will cover you if you are out of work as a Self Employed person,
> 
> ...


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## faolteam (27 Jun 2007)

Yeah i only went Self employed about three months ago, i do Taxi ,

can i claim that back off my tax ????


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## MichaelBurke (28 Jun 2007)

There are a couple of different options you should investigate apart from PHI (which is possibly what you were inquiring about) there is also Income Protection which imho is important for self employed.

Michael

[broken link removed]


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## RS2K (28 Jun 2007)

faolteam said:


> you are obliged to pay PRSI i was told by my accountant in the Taxi union that i didnt have to ???



PRSI is not optional.


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## faolteam (29 Jun 2007)

ok so if PRSI is not optional were do i pay it and how much ???????????


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## RS2K (29 Jun 2007)

You pay it along with your yearly income tax payment. End Oct? Your accountant should be fully aware of all this.

How much depends on your earnings obviously. 

See here

Self emplyed are class S I think.


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## barryo (29 Jun 2007)

You have to pay PRSI at 2% if memory serves (self employed). It is compulsory and is gives you no other entitlements other than state pension. It is payed with your tax return. You should get an accountant do returns for you as you pay tax and preliminary tax in October each year. *A good accountant will save you money in the long run..*


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## eoinhealy (1 Jul 2007)

I am self employed and if I have to take days off for whatever reason, I dont get paid by anyone other than myself. Paying PRSI at the end of each year only entitles you to a state pension and if the worst happens, you get to claim the dole.

You best bet it to take out private Life Cover. So for about 70 euros a month you are covered. If anything was to happen to me and I was out of work for a long time I get 75% of my monthly earnings from my life cover, and on top of that all hopsital bills are paid plus 150 euro for every day in hospital.

It's worth looking into. But stay away from the banks for life cover, you dont get half as much as private life insurance companies.

Hope this is helpful

Eoin
(The Landscaper)


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## faolteam (2 Jul 2007)

I have just been going through my details and i have Single  Life cover €75,000 and specified illness cover €75,000 including terminal illness cover €36,747.

I pay €70 euro a month brokend down to  €35 euro for protection and the other €35 goes towards a savings  

Does this help me at all with my querys ????


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## Joe1234 (2 Jul 2007)

faolteam said:


> you are obliged to pay PRSI i was told by my accountant in the Taxi union that i didnt have to ???



If that is the advice you get from an accountant on such a simple matter (to accountants) then you should probably look for a new accountant.


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## RS2K (2 Jul 2007)

faolteam said:


> I have just been going through my details and i have Single  Life cover €75,000 and specified illness cover €75,000 including terminal illness cover €36,747.
> 
> I pay €70 euro a month brokend down to  €35 euro for protection and the other €35 goes towards a savings
> 
> Does this help me at all with my querys ????



That sounds like a standard life assurance and serious illness policy. Nothing to do with being self employed.


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## eoinhealy (2 Jul 2007)

RS2K said:


> That sounds like a standard life assurance and serious illness policy. Nothing to do with being self employed.




Im self employed and my life cover entitles me to all what I said above even if something happens to me while i'm working. Basically, wether I get hit by a car crossing the road or cut my arm off with a chain saw while working i'm still covered. There are policies for self employed people that are really great. You may never need to claim but then again the worst could happen and you may rely on it for the rest of your life.


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## RS2K (2 Jul 2007)

eoinhealy said:


> Im self employed and my life cover entitles me to all what I said above even if something happens to me while i'm working. Basically, wether I get hit by a car crossing the road or cut my arm off with a chain saw while working i'm still covered. There are policies for self employed people that are really great. You may never need to claim but then again the worst could happen and you may rely on it for the rest of your life.



I think you are a little confused. No offence.

Life assurance and critical illness are life policies which pay out a lump sum on death or serious illness (subject to conditions and a survival period).

The policy that replaces your income is Permananet Health Insurance (PHI). Premiums qualify for tax relief here, unlike ordinary life assurance policies. 

To complicate matters further self employed can effect S.235a term cover, which is term life assurance, which again qualifies for tax relief.


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## faolteam (2 Jul 2007)

so would u recommend i lose my life cover and serious illness and just have a self employed cover ???

if anyone wants to go through it with me slowly id appreciate it or if they can recommend someone i can talk to ???


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