So you’ve joined the gig economy; what are you doing about life insurance?

so-you’ve-joined-the-gig-economy;-what-are-you-doing-about-life-insurance?

The gig economy is a big economy.

According to research by Payments Canada, 13 per cent of Canadian adults are currently involved in it, with about 37 per cent of businesses employing gig workers in some capacity.

Not unlike online dating, the gig economy has evolved rapidly from its initial status as a last resort for the desperate to a first option for many Canadians.

Its flexibility makes gig work attractive to anyone looking to set their own hours, and the relatively low bar to entry makes these temporary jobs, primarily in the service industry, accessible to a large part of the workforce.

But one area where the gig economy’s development has stalled is insurance, particularly life insurance. A 2018 TD Bank survey found that only 16 per cent of millennial gig workers had access to life insurance through work.

“We’re seeing a substantial shift from traditional workers moving into gig jobs, but there are no benefits that come with those roles,” Dejan Mirkovic, CEO and founder of Goose Insurance, said in a recent interview with Insurance Business Canada.

If you’re lucky, your gig employer may provide vision, dental and health coverage, but if something more severe happens, what’s your plan?

If your gigs are your household’s sole source of income, what happens if you get critically injured and can’t work for an extended period of time? Who pays the rent? And if it’s worse than illness, what resources can your family rely on to ensure their bills — and your funeral costs — are paid?


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