A warning has been issued about the many thousands of self-employed workers in the UK who are reported to be losing out on the financial safety net that life insurance brings. A survey by insurance giant Scottish Provident found that 58 per cent of people currently do not have any protection cover in place at all, and that the self-employed are amongst the worst hit.
The self-employed have been recommended to make sure that their families will not lose out if they can't work by putting in place the right cover for them, especially as it is thought that around 35 per cent of the adult population currently have no life insurance cover .
The research also highlighted that nearly a third of respondents would need to severely cut back on their living costs if the main breadwinner in the family couldn't earn for a prolonged period. It was revealed that just 13 per cent have critical illness cover and nine per cent have income protection .
Scottish Provident also showed that about 39 per cent of respondents said the main reason for not being protected is the high cost of insurance, although there is a general lack of awareness of the range and relative prices of products that you can take out.
Susan Barclay, head of marketing for Scottish Provident, commented "With the majority of Britons without any form of protection in place, many are taking a substantial risk with their own and their family's livelihoods."
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Being self employed, your family could be more dependent on you for your income, making life insurance more of a concern in the long term. The figures aren’t anything new, most countries in Europe have a life insurance gap, most of the western world in fact, the attitudes to life insurance really must be changed and changed soon.
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