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Archive: Self-employed exposed by lack of protection insurance

According to latest research from Scottish Widows, more than 4 million self-employed people do not have protection insurance in place to support them if they were unable to work. The research found that just 7% of self-employed people have critical illness cover to fall back on if they were unable to work. This was reported in Cover Magazine on 4th October 2016*.

With around 15% of the population now working on a self-employed basis which means that 4.3 million workers could have no protection insurance in place. The report also found that 1 in 5 self-employed people would not be at all financially secure if they lost their main income and 12% would not know how long they could pay their bills.

What this means to individuals and families

Adam Nanson, Independent mortgage and protection adviser at Your Mortgage Expert, comments:

 “When speaking to people, we find that they often know they are not adequately protected against the financial impact of illness, injury or death. However, they often don’t want to think about these difficult subjects or don’t think they can afford the additional cost of personal insurance.

“At Your Mortgage Expert, we would urge people to have these challenging conversations with their loved ones and set aside the money to take out some form of protection insurance.”

How Your Mortgage Expert can help

Adam Nanson continues:

“At Your Mortgage Expert, we offer advice on a range of protection products to help look after you and your family. Whether you are interested in Critical Illness, Income Protection or Life Insurance, we can help. And, if you are concerned about the cost of protection, we will work with you to find an arrangement that is both affordable whilst providing you with an appropriate level of cover.”

If you’re still not sure whether you need protection, why not read about some customers of Your Mortgage Expert. Hannah and Steve took out Life Insurance and Income protection to ensure their family was looked after should the worst happen to either of them.

To find out more about the protection products Your Mortgage Expert can advise you on, take a look at our dedicated page. Alternatively, contact us.

We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.

The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.

*Source: http://www.covermagazine.co.uk/cover/news/2472903/43-million-self-employed-people-left-exposed-by-protection-gap

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