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56% of Brits have no life insurance which could leave family with debt problems

56% of Brits have no life insurance which could leave family with debt problems

- Wednesday, 4 May 2011

More than half of UK adults currently have no life insurance cover, which could mean their loved ones are left with debt problems when they die.

According to new research from Scottish Widows, 28 million Brits have no life or critical illness insurance, leaving their families at risk of financial insecurity if something happens to the main breadwinner.

That is because life insurance cover pays out a lump sum if the main breadwinner becomes too ill to work or dies. This means that families will be able to avoid mortgage debt.

It was found that 54 per cent of Brits check their finances once or twice a year but the uptake of life insurance remains low, as many see it as too expensive.

Clive Allison, market director of protection at the firm, commented: "Our research shows that the majority of people clearly understand the benefits associated with protection products such as life, critical illness and income protection, but that many still don't adequately protect themselves, their families and their homes."

Life insurance can be found online for a reasonable price, as companies have fewer admin costs if people sign up for cover online, suggested an article in UK News Reporter.
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