• Home
  • COVID-19
  • Life
  • Critical illness
  • Income protection
  • Health
  • Employee benefits
  • Regulation
  • Diversity
  • Mental health
  • Events
  • Industry Voice
  • EBooks
  • Access to insurance
  • Newsletters
  • Sign in
  •  
    •  

      Personalise your on site experience.


      Download and use the apps.


      Access your subscription from outside of the office.


      Get relevant news and insight straight to your inbox.

      • Sign in
     
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
    • YouTube
    • Instagram
  • Register
  • Events
    • Upcoming events
      event logo
      Claims and Underwriting Innovation Forum 2021

      COVER Claims and Underwriting Innovation Forum will investigate the most innovative claims and underwriting practices driving the protection and health insurance market forward. It bears repeating; at the heart of every policy is a human being. As technologies advance and digital capabilities expand, it is crucial that the needs of the customer do not get lost along the way. A personal touch must remain at the centre of every interaction an individual has with an insurance company, either directly or through an intermediary. Hence, this journey is about evolution not revolution.28th April, Digital Conference

      • Date: 28 Apr 2021
      • Virtual Conference, Digital Conference
      event logo
      Access to Insurance Webinar: Write it, refer it… don’t ignore it

      Access to insurance has been one of the protection industry’s primary focus points since BIBA introduced the agreement to help make protection insurance more widely available in January last year. While much good work has been done to further the cause, there is still a long way to go before signposting can be considered as a common practise. This webinar, in partnership with Royal London and featuring a cross-section of expert speakers, will examine some of the key elements of protection insurance signposting, including the role of communication between insurers and intermediaries, how industry participants can access the right information to signpost effectively, and the growing recognition of mental health challenges for access to insurance.

      • Date: 05 May 2021
      event logo
      Health Insurance Live 2021

      The COVER Health Insurance Live event will examine how the health insurance industry is mobilising for change both during the pandemic and beyond: How have health insurers responded the many challenges brought about by the Covid-19 crisis and what’s next for the market? What opportunities are out there for healthcare intermediaries and how can they make the most out of rising private medical insurance (PMI) demand? As part of this fully interactive digital conference experience, we will also be introducing the Recognising Healthcare Innovation Awards, a new set of awards to commemorate the leading players of the health insurance sector.

      • Date: 30 Jun 2021
      • Digital Conference, Digital Conference
      event logo
      COVER Recognising Healthcare Innovation Awards 2021

      COVER is pleased to announce the launch of its first ever healthcare awards. The Recognising Healthcare Innovation Awards celebrate the best the health insurance industry has to offer across personal achievements, new propositions and campaigns, and innovative approaches to healthcare during the ongoing pandemic. Presented in conjunction with the inaugural COVER Health Insurance Live event, the six award categories are now open for submissions and will be reviewed by a panel of industry expert judges, with the winners announced during an online ceremony at the end of the conference.

      • Date: 30 Jun 2021
      • Digital Awards, Digital Awards
      View all events
      Follow our events

      Sign up to receive email alerts about our events

      Sign up

  • Industry Voice
  • EBooks
  • Access to insurance
Cover Magazine
Cover Magazine
  • Home
  • COVID-19
  • Life
  • Critical illness
  • Income protection
  • Health
  • Employee benefits
  • Regulation
  • Diversity
  • Mental health
 
  •  

    Personalise your on site experience.


    Download and use the apps.


    Access your subscription from outside of the office.


    Get relevant news and insight straight to your inbox.

    • Sign in
 
    • Account details
    • Contact support
    • Sign out
 
  • Individual Protection

Self-employed: Less than one in 10 protect income

Nearly a fifth have no savings at all

Self-employed: Less than one in 10 protect income
  • Adam Saville
  • Adam Saville
  • @AdSaville_COVER
  • 04 August 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
0 Comments

The Exeter research shows lack of financial safety for gig economy and need for protection advice

Nearly a fifth (17%) of self-employed workers in the UK have no personal savings to fall back on in case of a financial crisis, while a further 14% have less than £2000 in savings, research from The Exeter and Cebr has revealed.

Despite this, less than one in 10 (9%) of self-employed workers protect their income with insurance, while 65% of the UK population do not have any form of protection in place.

The findings come in light of government figures that show that more than half of the five million self-employed workers in the UK have claimed a grant through the government's Self-Employment Income Support Scheme - a total of 2.7m claims granted, worth £7.8bn.

Building financial resilience for the self-employed - an interactive guide

The research also reveals that among those surveyed, a third (35%) of self-employed workers do not save anything at all in a typical month. Nearly four in 10 (39%) of those aged between 35-44 years old said they saved nothing per month, the highest of any age group, followed by 38% of respondents aged 45-54 years old and 33% of over 55s.

Despite the low level of savings among the self-employed, 52% of respondents said they would rely on their savings if they suffered a loss of income. However, with 43% of those surveyed saving less than £50 per month.

Adviser opportunity

Andy Chapman, chief executive officer of The Exeter, said: "Self-employed and gig economy workers are a large part of the UK's labour market, representing 15.3% of the workforce. However, despite the benefits which being self-employed can bring, this type of labour can pose risks to an individual's financial situation if they are suddenly unable to work. Indeed, during the peak of the Covid-19 outbreak we saw many of these individuals face an income shortfall almost overnight as the UK went into lockdown.

"Half of self-employed workers in our survey said they would use their personal savings if they experienced a loss of income, despite a concerningly low level of savings among this group. However, what is perhaps more worrying is the significant level of underinsurance among this group, with just 9% of those surveyed saying they had income protection. Whilst no one wants to consider not being able to work, it has become apparent that having a financial safety net is no longer a nice to have.

"Advisers have a golden opportunity to kickstart conversations with their self-employed clients and raise awareness of income protection. Advisers are vital in shifting the way we view protection and play a critical role in narrowing the UK's protection gap."

COVER has teamed up with The Exeter to bring you a guide to financial resilience for the self-employed. The guide aims to serve as a useful explanation of how important it is to ensure a conversation about income protection is on the adviser/client agenda, and how you can make that happen. Click here to access the guide for free today.

Further reading

Building financial resilience for the self-employed - an interactive guide
  • Adviser / Broking
  • 20 July 2020
Partner Insight: Income protection for the self-employed
  • Income Protection
  • 28 July 2020
Partner Insight: Advisers have key role to play in educating self-employed
  • Income Protection
  • 03 August 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Individual Protection
  • Income Protection
  • Adviser / Broking
  • Gig economy
  • Self-employed
  • The Exeter
  • Income Protection
  • Cebr
  • Self-employment income support

More on Individual Protection

Savings trump life cover for over 50s during pandemic

OneFamily survey

  • Individual Protection
  • 14 April 2021
Amanda Kerr: Focus on the here and now to protect clients' future health

'We can and should be empowering customers with the tools and knowledge'

  • Adviser / Broking
  • 14 April 2021
Covid dominates The Exeter's IP pay outs in 2020

One-third of claims

  • Income Protection
  • 13 April 2021
L&G pays 96% of personal protection claims in 2020

Totalling £764m

  • Individual Protection
  • 12 April 2021
Lifecover.com to provide protection advice for Loans Warehouse

New partnership

  • Adviser / Broking
  • 08 April 2021
blog comments powered by Disqus
Back to Top

Most read

Jeff Woods appointed as L&G head of intermediary development
Jeff Woods appointed as L&G head of intermediary development
Canada Life names Lindsey Rix UK chief executive
Canada Life names Lindsey Rix UK chief executive
Swiss Re: Group risk grows 3.6% during pandemic year
Swiss Re: Group risk grows 3.6% during pandemic year
Amanda Kerr: Focus on the here and now to protect clients' future health
Amanda Kerr: Focus on the here and now to protect clients' future health
Covid dominates The Exeter's IP pay outs in 2020
Covid dominates The Exeter's IP pay outs in 2020
  • Contact Us
  • Marketing services
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters
  • YouTube
  • Instagram

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading