People may be placing themselves at risk of needing debt management help because of their lackadaisical attitudes to life insurance, new figures have …
People may be placing themselves at risk of needing debt management help because of their lackadaisical attitudes to life insurance, new figures have suggested.
Research carried out by Confused.com revealed less than half the adult population in Britain have such cover, while even fewer have ever switched their provider.
The website claimed this means the nation as a whole is under-insured and many individuals could be over-paying for unsuitable protection.
According to the survey, 60 per cent of consumers in the UK have not taken out a life insurance policy.
It found of those without the cover, 69 per cent are married or in a relationship, while 35 per cent have children.
Moreover, only 30 per cent of the population have ever switched providers in an attempt to gain a better value and more adequate deal.
The statistics showed men are more likely to make such a change – as 35 per cent have swapped policies, compared to just 29 per cent of women.
From a geographic perspective, residents living in the East Midlands were the most likely to have the cover – 53 per cent – and people in Northern Ireland had the lowest record, with only 35 per cent opting to protect their loved ones.
Matthew Lloyd, head of life insurance at the portal, commented: “It’s worrying that so few people have a life insurance policy and equally worrying that so few have switched provider.”
Figures recently released by the Association of British Insurers suggested Britons may be filing fake insurance claims to avoid debt worries, as 2,300 fraudulent attempts are recorded every week.
By James Francis