We team up with The Exeter for an interactive guide to tailoring IP solutions
Self-employed workers are more susceptible to an income shock than employed individuals. Yet this needn't be the case.
COVER has teamed up health and protection provider The Exeter to inform advisers and their clients about the choices and benefits on offer to the self-employed and gig economy workforce.
According to the Office for National Statistics (ONS), there are five million self-employed people in the UK. This isn't just young urban millennials looking to earn a little extra cash each month. It includes older individuals, many with families to support, whose later years in employment may be vital to their pension pots.
According a recent report by The Exeter, less than one in 10 self-employed workers protect their income - and this is despite the absence of employer support or statutory sick pay as a safety net.
According to The Exeter survey, the majority are self-employed on a full-time basis: they are management consultants, financial experts, freelance photographers, shopkeepers and farmers, to name only a few.
In this interactive guide for advisers, we profile the market opportunities, offer examples of typical gig economy workers and provide adviser tips and case studies showing where income protection solutions have been tailored to meet the needs of self-employed clients. We hope you find it useful.
Total of 16 providers
‘Either write it or refer it. Do not ignore it’
Effective 1 January 2021
'We've seen a lot of changes over that time'