Are the self-employed at risk?
The self-employed workforce makes up 15% of the UK labour market, yet 82% of this group of workers do not have income protection in place. [1]
This is particularly worrying when you consider that 3.8m of these workers work in the construction industry.[2] Good physical and mental wellbeing is essential for these workers to earn their living.
Challenging the ‘I’ll be alright’ mentality
It’s too easy to think ‘it won’t happen to me’ and, as advisers, this will be a common objection you face. In 2018, 59% of The Exeter’s paid claims resulted from accidents, injuries, back and musculoskeletal problems. That’s a considerable number of workers who were able to survive financially, despite suffering an illness or injury.
Breakdown of The Exeter Income Protection claims 2018
| Accidents and injuries | 22% |
|---|---|
| MSK (excludes back) | 15% |
| Fractures and broken bones | 12% |
| Infections | 11% |
| Back and spinal disorders | 10% |
| Mental health conditions | 10% |
|---|---|
| Digestive disorders | 5% |
| Other | 4% |
| Surgical procedures | 4% |
| Cancer | 3% |
| Cardiac & cardiovascular | 3% |
Our full infographic which can be used with your clients can be downloaded here.
Income protection by The Exeter
While income protection has traditionally been viewed as a complex solution for self-employed workers, The Exeter’s Plus products provide a number of solutions that can prove invaluable to self-employed workers:
- Waiting periods start from Day 1
- Clients can ‘fix’ up to 75% of their benefit, ensuring this proportion will be paid on successful claims regardless of their income at the time
- Limited claim periods of either 2 or 5 years per claim provide valuable protection at a lower cost
- Continuous cover for up to 3 months between contracts, reflecting the irregular nature of self-employed work.
If you have clients who work in manual, physical occupations and skilled trades, Pure Protection Plus has been designed specifically to meet their needs. You can find out more at https://www.the-exeter.com/income-protection-adviser.html, call us on 0300 123 3207 or email us at sales@the-exeter.com. Our team are on hand to help you grow your income protection business.
