Why should I seek financial advice on income protection?
A flexible schedule can mean an irregular income.
Having the right protection in place is a no-brainer. New research indicates that 57% of self-employed workers in the UK rely on personal savings when not earning. 64% revealed they are without a regular income, with just 23% receiving a monthly pay packet.
Cost of living crisis and rising rent.
Almost half (48%) of self-employed people see their income fluctuate as a result of owning a business. When faced with the cost of living crisis and rising rent, a quarter (24%) of those surveyed said they only had enough money to cover costs for three months if they were unable to work.
The self-employed are more vulnerable to financial shock.
Not being eligible for Statutory Sick Pay leaves the self-employed more vulnerable to financial shock. Needless to say, financial resilience and income protection is vital for the self-employed. Unfortunately, a whopping one in three think they can’t afford professional advice.
We want to flip that narrative on its head.
Is income protection insurance right for me?
Many have taken steps to secure income protection for themselves and their families. That being said, 13% of self-employed workers in the UK still don’t have critical illness cover or life insurance.
Knowing where to get started, or what type of cover best suits your needs can be tricky. We pride ourselves on giving clear, straight talking advice that works for you. Cut the hassle and save time by chatting with a member of our team today.
The research was carried out online by Opinium Research across a total of 2,002 UK adults (Booster sample of 502 self-employed workers and 1,015 Renters). Fieldwork was carried out between 21–27 October 2021.