Only 1 in 10 self-employed have income protection

A recent study by The Exeter, has shown only 1 in 10 self-employed workers have income protection. However, it’s often this group of people that need it the most. With over 5 million self-employed workers …

A recent study by The Exeter, has shown only 1 in 10 self-employed workers have income protection. However, it’s often this group of people that need it the most.

With over 5 million self-employed workers in the UK working in a huge wide range of industries from construction workers, cleaners, farmers, photographers, management consultants and many more it’s clear to see it’s a wide and diverse group of people.

The reality is many people do not have a financial buffer if they were off work unexpectedly. With regular outgoings such as mortgages, childcare costs, food and even that essential Netflix account, it can be a huge worry for people if there’s a sudden drop in their income.

Income protection is a product designed to provide you with a steady income should be off work for a period of time due to an accident or sickness. With many people’s only fall back is any savings they have is it really something you can decide not to consider?

Many self-employed workers assume that the state will support them should they be off work, but with a number of criteria placed on universal credit, help may not always be available. For example:

  • Any savings you have will count against you – if you have over £16,000 in you are not eligible to receive state support.
  • If you are newly self-employed – the level of universal credit may be lower.
  • It’s regularly assessed – the stress of waiting for universal credit is often high without the added challenge of it being regularly assessed.
  • If you live with a partner and they are working, it’s unlikely that you’ll receive any benefits or income support as it’s viewed that your partner can support you.

Income Protection insurance can support you by bridging the gap, and provide you with peace of mind. With a wide variety of policies designed to suit a variety of occupations and many with additional benefits such as digital GP services, second opinion medical services and access to health MOTS, can you afford not to find out more?

A-Plan exclusive – New client offer – 3 months free (via refund) on all new Income Protection policies. (Offer ends 31st July.)

Here at A-Plan our team are experts in protection insurance and will discuss with you your own situation and provide you with tailored advice to suit your needs. As a self-employed worker you do have access to income protection and you really ought to find out your options.

We can help you protect your income when the unexpected happens. Plus, for every new policy with A-Plan you’ll get 3 month free*. 

Click here to get an income protection quote or call us on 0800 172 172 to discuss your needs in more detail.

Terms and Conditions of Cashback offer: *Offer only available to new clients and limited to one policyholder per household. Offer ends 31 July 2021. Refund of  3 months premiums will be sent via BACS when 12 months premiums have been paid. Refund will be sent via BACS into the account the premiums are being paid from.