28 million Brits have no life insurance cover

Around 28 million UK adults currently have no life insurance cover, which could leave their loved ones at risk of financial insecurity.

That is according to a new report by Scottish Widows, which stated that 28 million people equates to 56 per cent of UK adults.

Life insurance and critical illness cover are important, as the provider will pay out a lump sum to the holder's family if they get too ill to work or die.

This means that a family will then have money to pay off their mortgages and credit card debt if their main income stops.

It was found that 23 per cent of those who do not have life insurance think it is too expensive and another 26 per cent state the same about critical illness cover.

Another 20 per cent of Brits would prefer to cut back on life insurance compared to 15 per cent who would cut back on broadband access.

Clive Allison, market director of protection at Scottish Widows, said: "We realise that many people do not like to plan for the unknown, however the importance of doing so cannot be underestimated.

"Our research shows that the majority of people clearly understand the benefits associated with protection products such as life, critical illness and income protection, but that many still don't adequately protect themselves, their families and their homes."

A recent article on the UK News Reporter website stated that searching for life insurance online can work out cheaper than applying for it in-store.

That is because providers have fewer admin costs if people sign up for cover using the internet.

Brits looking for life insurance may want to use a price comparison site, such as MoneyExpert.com, to find a good deal.

On this site, consumers can enter their details on one page and see the policies currently on the market that would be suitable for them and the cost of each one.

 

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