"It’s vital that everyone who could benefit from having Life Insurance can access it. Not only this but there must be affordable & accessible options that work for people and their families. "
- Ryan Griffin, Director of Protection at Beagle Street
Of those surveyed (2,000), 64% of non-salaried employees (including self-employed) without Life Insurance said they’re concerned about not having cover. Amongst this demographic, the most common reason for not having protection was cost, with a quarter (25%) saying it’s beyond their financial means – this is 6% higher than salaried staff.
Non-salaried employees were most worried about their family or friends not being able to pay for their funeral (16%), followed by family inheriting financial burdens such as loans or mortgages (14%), and family not having the same quality of life if they passed away (14%).
“It’s clear there’s a Life Insurance equality gap between those who’ve salaried jobs and those who don’t. However, those in non-salaried work may benefit from having cover the most, particularly as they’re unlikely to have the same death in service benefits that people in salaried jobs receive from their employer,” explained Ryan Griffin, Director of Protection at Beagle Street.
He said: “It’s vital that everyone who could benefit from having Life Insurance can access it. Not only this but there must be affordable & accessible options that work for people and their families.
“We’d hope that we & our loved ones won’t need Life Insurance, but unfortunately, we never know what might happen. It’s much better to have it and not need it than need it and not have it. Advisers play a key role in helping people find protection that suits their individual needs,” Ryan concluded.
