'Life insurance is vital for the self-employed'
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."
Share this..
Related stories
How many UK mortgages are at risk?
There is no doubt that the UK property market has not performed as well as many had hoped and expected during the first half of 2010, with a number of analysts also expecting weakness in the market in the latter part of 2010. So how many UK mortgages could be at risk in the short to medium term? A recent survey of the UK mortgage market indicates that 46% of UK mortgage holders are concerned ab...
Read MoreFSA update regarding whistleblower saga
The FSA has this evening revealed that the authority received a complaint from Paul Moore regarding the situation at HBOS over three years ago. It would appear that the FSA was both concerned about the risk management of HBOS before and after the complaint was received but apparently took no action. This calls into question the whole basis of the FSA complaints handling process as well as the FSA'...
Read MoreThursday's MPC meeting could be a non-event
Thursday's meeting of the MPC at the Bank of England is likely to be a non-event in relation to UK base rates which seem almost certain to remain at 0.5%. However, as we covered in one of our recent posts there is growing speculation that the UK government will be asked to increase the quantitative easing budget by a further £25 billion as the initial £125 billion ceiling is about to be breached...
Read MoreBoris Johnson's fantasy island airport
In a move which was probably based upon a need for change in the UK airport industry it has been reported that the Lord Mayor of London Boris Johnson is considering moving Heathrow airport to an island in the Thames. It is being suggested that a costing process will soon be under way to gauge the viability of such a project and the implications for the surrounding areas.
However, t...
Investigation into Flyglobespan collapse
The Scottish government has today announced an investigation into the collapse of Scotland's largest airline company, Flyglobespan. The company collapsed last week after last-minute rescue talks failed and the group had no alternative but to call in the administrators. Over 500 staff lost their jobs at the company and thousands of holidaymakers were left stranded overseas, many of them unprotected...
Read More