Confused.com research reveals reasons for lack of life insurance cover in the UK
Confused.com has revealed the main reasons why half of British adults surveyed do not have a life insurance policy in place.
New research from Confused.com has revealed that 50% of adults surveyed do not have a life policy in place, worryingly, of those without life insurance, 29% have children and 52% are married, meaning loved ones would be left financially disadvantaged should the worst happen.
31% of people do not to take out life insurance because they donít benefit from it personally. In fact, people in the UK are so laid back about future planning for their loved ones, 34% of people say that covering their possessions is more important than covering their lives.
Moreover, 20% would prefer to spend their money on an annual holiday and 11% see covering their laptop as more of a priority.
The research suggests a shift in UK mentality with more people opting to live for the moment, rather than thinking ahead.
However with life insurance policies costing an average of just £22.29 a month, itís not really affordability that should be questioned but peopleís priorities.
Matthew Lloyd, Head of Life Insurance at Confused.com, said: ďItís worrying that people are blaming cost for not having any life insurance when they spend so much money on other things, which are arguably less important than future planning for their loved ones.Ē
ďWith over 50% of people not having life insurance and 56% of their partners not having life insurance this shows a worrying future for peoples loved ones. The benefit of life insurance is peace of mind; knowing your family will be looked after financially.Ē
ďAn average life premium YTD is roughly 74p a day, which is loose change in many peopleís pockets, however 34% people say they canít afford it. Shopping around for the best deal available on comparison sites like Confused.com is essential in finding the right policy at the right price.Ē
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Confused.com is one of the UKís biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, life insurance and energy, as well as financial services products including credit cards, loans, mortgages and life insurance. Specialist life insurance comparison includes comparing products like critical illness insurance, pensioner life insurance and level term life insurance.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.comís service is based on the most up-to-date information provided by UK suppliers and industry regulators.
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