Our latest research (1) shows almost two million self-employed people are unable to save any money each month (2), leaving them vulnerable to financial shocks like a long-term sickness. What’s more, a third couldn’t survive more than three months if they lost their income (1).

Find out more about the latest installment of our Income Roulette research and how your self-employed clients could be at risk.

 

What state support are my self-employed clients entitled to?

State benefit entitlements are even smaller for self-employed clients as they don’t get Statutory Sick Pay (this is paid by an employer).

If they’re too ill to work, they’ll have to apply for Employment Support Allowance instead. This means for the first 13 weeks of sickness, self-employed clients would receive less in state benefits compared to clients in permanent employment and eligible for Statutory Sick Pay.

BenefitWeekly amountHow longEntitlement
Statutory Sick Pay£89.35Up to 28 weeks✔ Employed
x Self-employed
Employment Support Allowance:
Assessment rate		£57.90 under age 25

£73.10 age 25+

Up to 13 weeks✔ Employed

✔ Self-employed

Employment Support Allowance:
Work-related group		£86.95 under age 25

£102.15 age 25+

Up to 52 weeks✔ Employed

✔ Self-employed

Employment Support Allowance:
Support group		£94.45 under age 25 £109.65 age 25+n/a✔ Employed

✔ Self-employed

 

1)  YouGov, on behalf of LV=, conducted online interviews with 9,495 UK adults between 5th and 10th July 2017. Data has been weighted to reflect a nationally representative audience. Among the research, there were 676 respondents who are self-employed.

2) Our research showed that 41% of the self-employed were unable to save. The Resolution Foundation reports there are 4.8 million self-employed workers in the UK (A tough gig? The nature of self-employment in 21st Century Britain and policy implications). 4.8 million x 41% = 1,968,000 unable to save.

At LV=, we have a range of income protection products that you can recommend to self-employed clients, helping protect them if illness strikes. Please contact me for more information or visit the income protection section at our website.

 

Kind regards

Stuart Mair

T: 07968 538 514
E: Stuart.Mair@lv.com

With all our personal protection products we include access to the LV= Doctor Services app. This gives your client’s fast, convenient access to three expert medical services: Remote GP, Prescription Services and Second Opinion.

Many advisers (and clients) are surprised at just how easy it is to use the LV= Doctor Services app – take a look at the short demo video below.

And don’t forget you can share the video with your clients to help them see how simple and convenient the app is.

What’s in it for you and your clients?

For you it:

 

  • Demonstrates the value of your advice.
  • Helps you to justify your product recommendations.
  • Supports your clients beyond their chosen product with access to expert medical services.
  • Helps build long term relationships.
For your client:

 

  • The services are confidential.
  • Simple to use – one app, three services.
  • Easy access to leading medical experts.
  • Convenient to book an appointment from home, whilst at work, or on holiday.
  • UK based health professionals.
LV= Doctor Services

This is your final chance to take advantage of our discounted premium* (automatically applied to the full length of the policy) when you apply for LV= Income Protection through Fastway.