According to research, almost three quarters of the UK population and 41% of business owners do not have any form of life insurance policy. The findings indicate a high risk that millions of British citizens could face financial hardship and difficulties as a result of not having appropriate protection in place.
With over half of the UK population (with at least one wage earner in the household), reliant on a single source of income in order to make ends meet, there are currently a large proportion of UK citizens in a precarious and high-risk position. After all, half of the population will be diagnosed with a critical illness during our lifetime.
An opinion survey of more than 20,000 people, revealed that just 27.5% of adults in the UK had life insurance. Astonishingly, this is even less than those that said they had travel insurance (27.9%), and much less than the number that admitted having home and contents insurance (61.1%).
It is also important to note that directors of small limited companies and self-employed contractors are some of the highest at risk, despite being in one of the best positions to receive a cost-effective policy.
According to LIMRA’s Life Insurance Barometer study, 41 percent of business owners and contractors do not have life insurance, meaning they likely don’t have the necessary funds earmarked to support their business, employees and their loved ones in the event that something happens to them.
Owner-operator businesses can fail very quickly upon the death or illness of a principle director, with the businesses often unable to sustain themselves and provide on-going financial support to their families. It is therefore of vital importance that directors, small business owners and contractors consider Life Insurance as an important business decision.
Call C&D Business Protection Specialists to find out more about how your Limited Company can pay for your Critical Illness & Life cover via a tax efficient Relevant Life Plan and a free no obligation quote.
CALL 0330 043 4321 or ENQUIRE www.businessinsuranceltd.co.uk