Some great news about Life Insurance that we have to share is that uptake is on the rise. In 2017 our survey found that only 36.7% of the UK working population owned a Life Insurance policy.
Since then, this figure has increased by nearly ten percentage points – in 2018 we found 46.2% of the working public owned a Life Insurance policy. It’s great news that people are taking financial protection more seriously, but there is still one area where protection is needed.
Only 28.9% of self-employed professionals in the UK have a Life Insurance policy, despite many self-employed workers having insecure income and little in the way of savings their family could fall back on should the worst happen.
This can be especially concerning when we consider that many people are grossly underestimating how likely it is that they would need a Life Insurance policy.
We asked the UK public to estimate how likely it might be for a 35 year old to die within the next 30 years. The average answer we received was that the public assumed a 1 in 45 chance of passing away before 65. However, according to our Life Expectancy Calculator, the actual risk is a frightening 1 in 8 chance.
It’s great news to see more people taking out Life Insurance, but there’s some way to go before self-employed workers catch up. One of the most common reasons that puts people off buying Life Insurance is that they think it’s expensive. However, our recent findings show that a policy might be a lot cheaper than most people think.
Independent Protection Expert at Drewberry