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Daily Insurance Industry News
Tuesday 24th of April 2018
November 27, 2008

Nearly half of Britons go without protection insurance

by Gill Montia

Story link: Nearly half of Britons go without protection insurance

Nearly half of Britons go without protection insurance

Barclays has been researching the UK protection insurance market and has concluded that nearly one-half of British adults have no policies in place to cover events such as illness and redundancy.

According to the survey 47% of UK adults have no protection insurance, while 52% are without life insurance.

Seventy-five per cent of those questioned said they had no critical illness cover and 78% no income protection cover.

People in Wales have the least protection overall, while residents of north-east England are best protected, with a 62% take-up.

Alison Tattersall, the head of customer and proposition at Barclays Financial Planning, is not surprised by the findings because people do not necessarily want to think about misfortunes such as sudden death and serious illness.

She does however urge Britons to consider the financial consequences of being unable to work and the outlook for their dependants, if they die.

The study also indicates that the majority of Britons are financially ill-prepared for a recession.

Sixty per cent of people questioned said they had no savings and 80% had no idea what they would be entitled to in the way of state benefits should they lose their job.

 

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