As an employee, your dependents might have received three or four times your salary as part of a ‘death in service’ benefit. Now, as a contractor, you have to ask yourself whether they would need a similar amount if the unthinkable happened.
If you have no dependents or anyone who would be financially worse off after you’ve gone, then quite simply, life cover is not something you need.
However, if that’s not the case, then with the cost of life insurance falling dramatically in the last few years, you’d be paying a small price for peace of mind for you and your family.
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