According to the Association of British Insurers, nearly 8.5 million people in the UK lack life cover. The average insurer will pay out £31,000 per person, meaning that there is currently a £268 billion gap for the families who don’t have a policy in place.
Life insurance policies are most appropriate for people reaching a key life stage – such as getting married, buying a home or starting a family. Unless you have a substantial amount of savings or assets which can be used to pay off a mortgage or replace an income for as long as your family are dependent, taking out life insurance should be at the forefront of your priorities.
However, as it stands, only 45% of male breadwinners have a life cover policy, compared to just 38% of women, according to MoneySupermarket. In terms of sector, public sector workers are less likely to have life insurance in comparison to 61% of people in the private sector.
Life insurance is there to help provide support for your loved ones when they can no longer rely on your main income, and while we all understand the necessity of having such a policy, it can be a delicate topic to address. But a topic that can be costly to avoid!
So, if you are one of the 8.5 million people in the UK without life insurance, with a partner or children who are financially dependent on you, you should seriously think about taking out life insurance.
At Relevant Life Expert, we specialise in providing tax-efficient life cover (for you or your employees) which is paid by the business as a company expense, making it considerably cost-effective! Sounds good right? It is!