Almost three quarters think it is too expensive
Eighty-two percent of self-employed people do not have income protection (IP), 88% do not have any critical illness cover (CIC) and 96% do not have private medical insurance (PMI), research by ActiveQuote has revealed.
"These numbers are quite shocking - it's understandable that cost would be a consideration for those who are self-employed, but with 28% claiming they would be unable to pay their energy bills and a further 25% saying they would struggle to pay food bills if they were unable to work, it's also worrying that there isn't a plan B in place should anything happen," said Mark Todd, PMI team leader at ActiveQuote.
The main reason cited for not having PMI was its presumed expense, with self-employed people estimating it would cost £85 per month, more than double the amount of its real cost (from £40 per month).
"It's also apparent from the research that the perception of this type of cover is outdated and people still believe health insurance is only for the wealthy, or perhaps those who work for more established businesses," added Todd. "It's even more concerning, however, that only 8% of those who are self-employed would be covered for living costs by their partner's income if they were unable to work.
"When you're self-employed, you're generally thinking about where your next piece of business is coming from and not being able to work isn't a consideration," he said. "But it can and does happen, so it's important to consider taking out precautionary insurance so that your bills and family would be taken care of."
According to the research, 84% of people living in the UK are currently without private healthcare cover, with almost three quarters (73%) citing cost as the main reason.
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