It‘s already well-known that finances can be precarious for the self-employed - but a new set of figures recently reported by the i newspaper has helped illustrate just how precarious many such independent professionals‘ situations are.
The newspaper cited new research that found more than two thirds of self-employed people in the UK did not have a regular income. This risks self-employed people increasingly struggling to afford their bills as the cost-of-living crisis intensifies for many people.
Moreover, a quarter of respondents said that they only had sufficient money to cover their costs for three months if they were unable to work. With more than half of the self-employed people questioned stating that they relied on personal savings when they weren‘t working, there is clearly cause for concern for this vulnerable part of the UK‘s workforce.
The right protection insurance could help boost your financial resilience
If you are an independent professional yourself - perhaps working as a freelancer, contractor, or consultant - you might well empathise, and even identify with, a lot of the above.
Perhaps you‘re looking for ways to better shield yourself against the potential effects of the cost-of-living crisis, and you‘ve decided that taking out an income protection policy or critical illness cover - or maybe even a combined policy - could be the answer?
Indeed, self-employed people not being eligible for Statutory Sick Pay (SSP) can leave many such workers with barely a safety net if something does happen to them that prevents them from working. Statistics show that during the pandemic, for example, self-employed people accounted for a fifth of applications to the Test and Trace Support Payment scheme.
As a self-employed person, you might have already taken some steps to help give yourself a financial buffer against the worst that could happen. But with 13% of self-employed Britons still not having life insurance or critical illness cover, there might be more that you can do.
Of those who did say they didn‘t have either of the aforementioned forms of protection insurance, just under a third said that they weren‘t a financial priority, while a quarter said that they were prepared to risk not being covered. About one in four respondents said they didn‘t need these policies or couldn‘t afford them.
Get on the phone to our advisers today - and buy yourself crucial peace of mind
Could there be many better investments that you could make right now, than one that gives financial protection to you and your loved ones who may be dependent on you? We don‘t think so.
So, whether you‘re considering purchasing income protection insurance, or perhaps combined life and critical illness cover, or even a combined life insurance and income protection policy, it could be well worth calling our UK advisers today, on 0800 316 6917.
Our advice and quotation service here at QuoteLifeCover is completely free to take advantage of, and if you do decide to ask for a quote from us for protection insurance, you will be under no obligation to buy.
Regardless, calling us might turn out to be one of the best decisions you make during the cost-of-living crisis, even if you only do so to make yourself more aware and informed about your options. So, why not reach out to us today?