9 Facts about Group Life Insurance
– On average, 42% of mortgage holders in the U.K don’t have a life insurance plan in place and debts are still payable even after death. Furthermore, the average unpaid mortgage left behind by a loved one is £120,000, meaning that a life insurance policy could wipe out an unpaid mortgage instantly helping loved ones.
– The UK public overestimates the cost of a life insurance policy massively. In a recent study, it was found that people without life insurance cited that the cost was the main factor leading them to not be covered. As well as this, the people surveyed were hugely misinformed about the actual price of a policy with many participants believing that it was 200% more expensive than in reality.
– 29% of UK employees list group life insurance as one of the best perks from an employer which is higher than discounted gym memberships, retail discounts and even casual dress codes.
– Many UK citizens have a lack of faith in insurance companies to actually pay out a claim, but the below table shows that this in untrue when it comes to group life insurance with many of the top providers paying out almost every time.
– At this moment in time, insurers are paying out for covid-related deaths in the U.K despite the increasing amount.
– The area of the U.K with the most expensive life insurance policies on average is the Highlands in Scotland. This is because the average life expectancy of residents in the Highlands is far lower than the U.K average and drug and alcohol addiction rates are far higher than the rest of the U.K.
– Croydon has the least amount of life insurance policies per capita in the U.K this is because unemployment is on average higher, so less people are likely to be covered by an employee benefit style policy.
– The Cleveland area of the U.K has the most life insurance policies per capita than anywhere else in the U.K. This area includes Middlesbrough where 50% of the households are within the top 10% of most deprived areas in the U.K. It is highly likely that the reason for the high amount of coverage in this area is due to covering bills should the worst happen.
– The astronauts involved in the Apollo 11 moon mission struggled to get group life insurance policies because their success rate was deemed to be 50/50. To get around the insurers not covering them they decided to create their own style of life insurance whereby they signed and stamped postal covers before the mission. This meant that in the event that the worst happened there was memorabilia that was valuable left behind for their families to sell to collectors. This carried on for many missions after Apollo 11 and it wasn’t until NASA agreed to cover any fatalities on its missions that it ended.
Speak to BDHL today about implementing or managing a group life insurance policy 01892 891900
