Just 6% of self-employed purchase their own income protection

LV’s Reaching Resilience report shows

Jaskeet Briah
clock • 1 min read

LV= found only 6% of self-employed workers have an income protection product that they purchased themselves, compared to 16% of employees surveyed in the provider’s Reaching Resilience report.

The provider also found that 17% of self-employed workers would carry on working despite illness or injury. One in five employed and self-employed workers surveyed said they would rely on their partner's income or savings if they were unable to work, while a similar level (19%) said they would struggle to pay their mortgage or rent if unable to work for two months due to illness or injury. Awareness of protection products has risen since the pandemic, and it has led many to reassess their financial and personal priorities, according to LV=. The report found over half (56%) of UK wo...

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