Over half of adult Britons lack life insurance
by Richard Kilner
Story link: Over half of adult Britons lack life insurance
New research commissioned by Scottish Widows has found that 28 million Britons lack life insurance, leaving their family potentially open to financial vulnerability should the worst happen.
Many people are continuing to go without financial safety nets such as critical illness cover and life insurance, according to the third Scottish Widows Consumer Protection Report.
There was a gaping chasm found in the survey between awareness of policies and actively taking them out.
An impressive 97% were aware of life insurance and its advantages but just 44% of people actually have such a policy.
Critical illness coverage is similarly well-known, with 86% aware of it, but coverage for the product is a very low 12%.
Protection Market Director Clive Allison warned against underestimating the importance of planning for the unknown, and stated that the industry needed to do more to highlight the benefits of doing so.
The findings follow those of Nationwide in April, which showed that families have more insurance protection for their property and possessions than they do for their persons.