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Your money: Households overlook life insurance

Fewer than 4 in 10 people view life insurance as essential, according to a report by Scottish Widows.

The research, which investigated people’s financial priorities, showed that people prioritise broadband (80%) and mobile phone (71%) services over life insurance (39%).

The majority of the 5,144 people surveyed do not have protection in place:

  • 33% have a life insurance policy
  • 8% have critical illness cover
  • 4% have income protection insurance.

A separate study by YouGov found that 60% of people are not covered by life insurance. Of the 2,045 respondents:

  • 34% cannot afford cover
  • 22% claimed they don’t need life insurance
  • 29% said they would consider buying insurance if they could afford it.

Tom Rees, associate director at YouGov Reports, said:

“It is clear that companies offering life protection need to do more to make the service both affordable and ‘worthwhile’ in the eyes of customers. Until that point, the take up of such offers will be low.”

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