Brits £2.4 trillion short when it comes to life cover
Shocking new statistics have revealed that people in Britain are well short of having adequate levels of life insurance in place, with two thirds of those living in the UK having no life insurance at all.
Research undertaken by Barclays Bank has revealed that Brits are a staggering £2.4trillion under covered with life insurance, and they believe the economic climate is forcing many to turn their back on the cover as they can no longer afford the premiums.
42% of people quizzed about life insurance revealed that they had cut back on their life insurance cover because of money pressures as a result of the recession, with many pointing to having to cut back on household expenditure as the main reason for cutting back their cover.
Amazingly 27% revealed that they did not have any cover at all because they had split up from their partner, and around 25% thought that life insurance was a waste of money, clearly not considering the implications their death could have on their family financially.
Managing director of Barclays Insurance, Kieran Murphy explained, “Life insurance and knowing your family are protected is really valuable and obtaining the right level of cover needn’t be too costly.
“We know that household budgets are really tight at the moment, but it’s important that protection needs don’t slip down the list of priorities.”
Here at life insurance quotes we constantly remind our customers about the importance of life insurance, particularly for customers who have dependents relying on them, and many don’t have adequate cover to look after their children.
With critical illness insurance and income protection policies also seeing similar falls in the number of people being insured, it’s shocking to see that so many people are having to put their families futures at risk because of the state of the nation’s wealth.