4 May 2024

Over 50% of Brits without Life Insurance

Despite the harsh economic climate, over 50 percent adults have no life insurance to secure the financial wellbeing of their loved ones.

Despite the harsh economic climate, research suggests that around 60 percent of adults do not have life insurance.

According to research by Scottish Widows, an estimated 28 million Brits may not have any life insurance in place.

While UK adults are adverse from putting measures in place to protect their family from financial insecurity should they die, they are more prepared to take out other types of insurance. Studies showed that fifteen percent insure their pets than their income, and 13 percent are more likely to hold mobile phone insurance than life cover.

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

"It is extremely worrying that so many of us haven't protected the things most dear to us – our families, our homes and our incomes which enable us to lead the lifestyles we do.”

Life insurance, critical illness cover and income protection are all being dismissed by a significant chunk of the UK population.

The survey revealed 97 percent are aware of life insurance and the importance of having it, however only 44 percent actually have cover.

Almost a quarter say they believe they cannot afford life insurance, while 26 percent admit the cost of critical illness cover is preventing them from taking it out.

According to Scottish Widows they have paid out billions since January 2000 to customers for life and critical illness claims.

Thousands of families have been helped by their life insurance or critical illness cover, yet a significant amount of the nation is at risk.

Material goods such as internet broadband are seen as essential compared to life insurance which is viewed as a luxury, their research found, as 69 percent expressed.