12th October 2022
The Exeter: Challenging times – A deeper dive into self-employed workers
Protection uptake – the same old story
Our research showed only 29% of self-employed workers had life cover. And just 17% had income protection. This is pretty alarming considering they won’t have access to employer sick pay or added company benefits. Self-employed workers could likely be more susceptible to an income shock than employed individuals. Whether it’s because new contracts fail to materialise, or unprecedented nationwide events hit the economy. Despite income protection arguably holding higher importance for self-employed workers, it’s the least prevalent insurance product.
Although self-employed workers are under insured, there is a heightened awareness of loss and concern. 46% said they are worried about a loss of income due to illness or injury. This presents an opportunity for further education with existing and potential clients.
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