The UK’s self-employed population is one of the jewels of its economy, contributing billions of pounds each year. Yet the shock of a global pandemic has left the nation reeling and laid bare the challenging and uncertain nature of being one of the five million self-employed workers in the UK.
Many self-employed people have been left out of pocket as coronavirus continues to impact economies, and the government's Self-Employment Income Support Scheme fails to appropriately cover their needs.
Unfortunately, this comes as little surprise. The Exeter revealed in its ‘Ill Prepared' report focusing on income protection for the self-employed that income protection is the least common type of protection amongst this group, despite the fact this workforce is much more susceptible to an income shock than PAYE employees - and that is when a global pandemic is not in play. This is a viewpoint that needs to change, and fast.
The benefits of income protection are many and discussed by COVER and The Exeter at length in the exclusive guide available to you here. Income protection covers you not only against sickness, but also if an accident leaves you unable to work. In many cases, protection will provide a monthly income to match a percentage of your own earnings which can be the peace of mind that is needed in times of financial stress.
Advisers have and can play a key role in educating their self-employed clients about the benefits of income protection as well as its flexible nature. Income protection cover today offers a wide variety of options to suit a range of different job roles, covering those that regularly experience breaks in employments or perhaps have to deal with changing income levels, for example. In essence, advisers have a huge opportunity today to promote the merits of income replacement insurance that is able to support their clients at every point of self-employment.
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.
