Life Cover Leads to Loyalty
30th June, 2015
Research by Canada Life Group Insurance has revealed that roughly two in five employees in the UK do not have any form of Life Insurance. This could amount to as many as 12 million people not having sufficient cover in place to protect their family’s finances.
Those surveyed with two employed earners in the household reported an average take home pay of £3,154 a month. Without cover in place however, this amount would typically fall to as little as £1,703 if one of the earners were to die. This is especially the case if the deceased happened to be the main breadwinner of the household.
More revealing, over half (59%) of those without cover said that being offered Life Assurance by their employer would make them feel more valued. Paul Avis, Marketing Director at Canada Life Group Insurance, said: “Our survey shows staff would [...] more likely stay within their current organisation, if their employer provided a group life assurance policy.” Although the most common reason for not having protection was cost, employers can in fact offer their employees Life Assurance for less than 1% of their salary.
Although insurers have asked for the government to prioritise financial literacy among households and business, the industry has also seen growth in 2015 as more consumers recognise the importance of valuing protection. If you want to see how little Life Assurance can cost, pop over to our quotes page and see what we can offer.