4.3 million self-employed left exposed by 'protection gap' - research

Just 7% of self-employed have CI cover - Scottish Widows

clock • 2 min read

More than 4 million self-employed people do not have a back-up plan should they be unable to work, despite their families being disproportionately reliant on their income.

The research from Scottish Widows found that just 7% of self-employed people have critical illness cover to protect them if they were unable to work.  Just 7% of the self-employed population have critical illness cover, compared with 9% of the general population. With the self-employed population now rising to 4.79 million workers in the UK, or 15.1% of the workforce, this is the equivalent of 4.3 million workers having no protection in place if they were unable to work due to illness. Two thirds (62%) of self-employed workers' households are reliant on one wage earner's income, co...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Shifting demographics: Post-Budget protection conversations

Shifting demographics: Post-Budget protection conversations

Emerging market for people aged 45 and upwards

Naomi Greatorex
clock 18 February 2025 • 3 min read
Supermarkets, fast cars, and protection insurance

Supermarkets, fast cars, and protection insurance

'I would argue this is a perfect example of an efficiency gap'

Paul Yates
clock 10 February 2025 • 3 min read
Protection advisers concerned about rising costs and market pressures

Protection advisers concerned about rising costs and market pressures

One-third see cost of doing business as biggest challenge

Jaskeet Briah
clock 30 January 2025 • 2 min read