Partner Insight: Advisers have key role to play in educating self-employed

From web designers to hairdressers, dog walkers to plumbers

clock • 2 min read

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.

More on Income Protection

Stuart Tragheim steps down as Holloway Friendly chief executive

Stuart Tragheim steps down as Holloway Friendly chief executive

Tragheim will move to a portfolio career

Jaskeet Briah
clock 14 February 2024 • 1 min read
AIG Life revamps access to income protection

AIG Life revamps access to income protection

Insurer also adds new features

Cameron Roberts
clock 29 January 2024 • 3 min read
IPTF adds six new members for 2024

IPTF adds six new members for 2024

Total membership hits 26

Jaskeet Briah
clock 23 January 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read