A report from Beagle Street has revealed a life insurance equality gap in the UK, with only 33% of non-salaried workers having cover, compared to 50% of salaried employees.
Non-salaried workers include freelancers and those on zero-hours contracts.
The research, which surveyed 2,000 individuals aged 18 to 50, indicated that non-salaried workers were less likely to afford life insurance, with 25% citing cost as a barrier.
64% of non-salaried workers without life insurance expressed concerns about not having coverage, including worries that their family may struggle with funeral costs or inherit debts.
Ryan Griffin (pictured), 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.
Griffin added: “We aim to make the process as easy as possible for all our customers at Beagle Street.
“More than 70% of people are accepted straight away without the need for medical reports and the process can be completed within 10 minutes.
“Our life insurance policies may also cost less than people think, with prices starting at £6 a month.
“This is the cost of two coffees, but can provide a financial safety net to a family if a wage earner passed away.
“We don’t ask customers about what they do day-to-day and their occupation won’t affect their premiums unless it is exceptionally high risk.
“We’d all hope that we and our loved ones won’t need life cover, but unfortunately, we never know what might happen.
“It is much better to have it and not need it, than to need it and not have it.
“Advisers play a key role in helping people find the protection that suits their needs and we value the support they give to those looking for cover that is right for them.”
