Only Insurance.com - Brits at financail Risk

Life Insurance - Brits at financial risk - 06/05/2008

Norwich Union have recently conducted a survey that has found that an estimated 20 million Britons are at risk financially because they have do not have any type of life insurance or cover related to their earnings.

The study shows some of the reasons as to why this is happening. Amongst the causes it is thought that 15% are believed to have made other provisions, 10% are not concerned with taking out any form of life insurance, because they have no dependents and believe they will not benefit from having a life insurance policy. 9% also say that because of insurance they have taken out on a mortgage they believe that is sufficient enough.

Also the study has found that 3% of people do not have a policy because they do not fully understand what it is as well as 37% who are getting around to it, or just plain and simply have not thought about it.

Head of protection marketing at Norwich Union, Darren Dicks had this to say “These findings are cause for concern as they suggest many people are taking an it wont happen to me’ approach to protection. Around 52% of UK adults have no life cover at all and the remainder are either underinsured or unsure about what type of cover they hold.”