Sole traders exposed to cash crises
Insurer LV= surveyed 9,495 self-employed workers and found one in three could not survive for more than three months if they lost their income.
Nearly two thirds (62%) of respondents said monthly bills eat up the majority of their wages.
Furthermore, sole traders are more likely to be hit by unexpected costs (33%), such as home maintenance and repairs, compared to the national average of 28%.
28% of sole traders were concerned about not being able to work due to an accident and 29% were worried about becoming unwell.
In circumstances where you are unable to work, there are protection policies available to help cover your costs.
Income protection pays out a tax-free percentage of your earnings, usually between 50% and 70%, until retirement, death or your return to work.
If diagnosed with a long-term illness or disability, critical illness cover can pay you a tax-free lump sum to cover your expenses.
For further information on personal finances, please contact Andrew Kershaw on 023 8046 1201..
We have established a strategic alliance with a firm of Independent Financial Advisors who are authorised and regulated by the FCA. Personal financial and pension planning matters will be referred to them to help you preserve and enhance your wealth.