Nearly half of UK adults have no life insurance, critical illness cover or income protection, new research has found.
With growing concern surrounding unemployment and debts, such policies become increasingly important. Unfortunately, the crunch on finances means many households are being forced to forsake this safety net.
According to new research from Barclays, three quarters of Brits forsake critical illness cover, while 52% have no life insurance whatsoever.
Statistically, those aged between 35 to 54 tend to have the most responsibilities in terms of dependants and outgoings, but this group showed a large gap in their protection cover, with 45% having no life cover and 74% with no income protection insurance.
Get a life insurance quote
Need to consider the consequences
"When finances are tight it is often responsibilities like protection policies that fall to a lower priority, and of course these policies protect outcomes that people don't want to think about,” says Barclays Financial Planning customer and proposition head Alison Tattersall.
“But people must consider the financial consequences of what would happen if they were unable to work, or their dependents' situation if they died, it would be far worse than any concerns they currently have over struggling to meet their outgoings.
"Our research indicates that a large number of people are without any protection at all, or that they don't realise they have any policies in force. Both are equally as worrying, especially given the current climate."
When shopping around for protection, be it life insurance, critical illness cover or income protection, its essential you take the time to shop around. Make sure your search includes independent providers, who are often far cheaper.
Get a life insurance quote
