One third of Brits have no life insurance

One third of Brits have no life insurance

October 5, 2010

By Mark Warner

A high proportion of consumers in the UK currently have no form of life insurance, new figures have revealed.

Research carried out by Scottish Provident indicated that 31 per cent of adults have no financial safety net in place should their main income cease.

Consequently, the group is urging more people to take up life insurance in order to maintain a good standard of living should a main breadwinner in the family be taken ill or die.

According to the findings, some four million consumers would survive on their savings under such circumstances, while 17 per cent said they would rely on credit cards.

The study found that some 58 per cent of respondents currently have no form of protective cover such as life insurance in place.

Susan Barclay, head of marketing at the insurance firm, said: "It can be confusing to know even where to start when you take-stock about what you and your family will need should an unplanned emergency happen - especially as these are events which the majority of us hope we will never have to experience."

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