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Payment protection 'is essential for the self-employed'

Payment protection insurance (PPI) is essential for people who are self-employed, it has been claimed.

Jonathan Davis - managing director of Jonathan Davis Wealth Management - believes that Britons who work for themselves need to take out cover that safeguards their income as a matter of urgency.

He stated that many families are reliant on the money that is brought in by contractors and there could be severe repercussions if the main breadwinner becomes ill or injured.

"If they can't work, they can't earn - that to me is an immediate essential," Mr Davis commented.

"So [those who are] self-employed have to have income protection," he added.

Mr Davis also highlighted the importance of life assurance, as some families may need to be looked after financially if a self-employed person suddenly dies.

Although PPI cover can be important to freelance workers, it has proven to be a contentious issue, with many banks mis-selling income protection covers to customers who have taken out home loans or credit cards.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801259742-ADNFCR

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