You are here: Home - Insurance - News -

Brits paying for unnecessary life cover

0
Written by:
12/08/2008

More than three million Britons are unaware their employer provides them with life insurance and could be forking out for unnecessary private cover, according to Aon Consulting.

In a survey of 1,300 respondents, 77% said they were not provided with life insurance or did not know if the benefit was offered. Yet, the reality is that almost 40% of working Britons are provided with life assurance through a policy organised by their employer, with this proportion on the increase. Additionally, a significant number of employers offer cover on an uninsured basis.

Paul White, head of risk benefits at Aon Consulting, said: “Employers have long recognised the value of offering life assurance as part of the overall benefits mix to attract and retain the best talent.

“Corporate life assurance rates are currently very competitive, often significantly lower than the rates that can be obtained by an individual. This provides the employer with the opportunity to give and communicate a cost effective, tax-free benefit that employees really want and indeed will often pay for themselves.

“Indeed, many of those employees who are unaware that their employer provides them with life assurance are often re-purchasing the same cover privately at their own expense. As family budgets are becoming more stretched, checking whether life assurance and other benefits are provided by the employer could be one area where over three million Britons could make a substantial saving every year.”

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Teenagers saving to avoid student debt

Youngsters are saving towards higher education from the age of 11 because they have seen older family members struggle with...

Close