Taking out life insurance is a crucial step in protecting what matters most — your loved ones and their financial security.
Recent research* highlights a concerning ‘life insurance equality gap’ among UK workers. A survey found that only 50% of salaried employees have life insurance, while an even lower percentage — just 33% — of non-salaried workers, including freelancers, self-employed and those on zero-hour contracts, have cover in place.
Insurance provider Beagle Street, which is part of the OneFamily Group, surveyed 2,000 people between the ages of 18 and 50 and asked about their working patterns and attitudes towards insurance. Of those in non-salaried work without life insurance, the most common reason for not having it is that they can’t afford it.
Ryan Griffin, director of protection at Beagle Street, said, “It’s clear there is a life insurance equality gap between those who have salaried jobs and those who don’t. However, those in non-salaried work may benefit from having cover the most, particularly as they are unlikely to have the same death in service benefits that people in salaried jobs receive from their employer.
“It’s vital that everyone who could benefit from having life insurance, can access it. Not only this, but there must be affordable and accessible options that work for people and their families.”
The importance of life insurance
Life insurance provides essential financial support for your family in the event of your passing. The payout can help cover major expenses, such as your mortgage, rent, household bills and education costs. Suitable life insurance written in trust can also serve as an effective estate planning tool, as payouts are typically free from Inheritance Tax, allowing beneficiaries to receive the full amount.
Isn’t life insurance expensive?
Despite its benefits, many people hesitate to get life insurance, believing it’s too costly. The survey found that 25% of non-salaried workers and 19% of salaried workers cited high costs as a barrier to obtaining cover. However, this is often a misconception as life insurance policies can start at just a few pounds a month.
Peace of mind for you and your family
Beyond financial security, life insurance is a simple yet effective way to provide lasting protection and peace of mind, helping your loved ones receive the support they deserve. We are here to help you find the right cover for you and your family.
- Contact Cailean at hello@cailean.co.uk or call us on 01577 212577 for advice on your life insurance.
* Beagle Street – October 2024