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Monday 21st January 2008
Life insurance is crucial for those who are self-employed and those who are considering going into business for themselves, life insurance expert has claimed.
According to Nick Kirwan of the Association of British Insurers (ABI), Britons are "hugely underinsured for life cover" with up to one in three people having no life insurance.
The ABI also estimates that a further one in three have failed to update their life insurance cover for five years - meaning they may be underinsured, especially if they have become self-employed during this period.
He explained: "[If you're thinking of starting up on your own] That's a time when they might well be giving up some life insurance that their employer has been providing in the past. All of a sudden they become responsible for all of their own benefits – they don't get sick pay any more.
"That's a time when people should really think: 'Hang on, I'm on my own now, what if my health lets me down?'. Because, if you're self employed, absolutely everything does depend on you being healthy and being able to do your job."
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