Only Half of the UK Have Life Cover
2 minute read
Recent surveys from leading money services, have revealed some fascinating facts regarding the spread of life cover and other related insurance in the UK. Statistics revealed that three quarters of Britons believe that life insurance is important to have and believe that it is an extremely significant consideration when changing job or having a mortgage. Surprisingly, only just over half of the nation (55%) had life cover, also highlighting that the least likely to have life cover in place were young people. Conversely, millennials (18-25 years old) were shown in the data as the most likely to believe that life insurance was important. As somewhat of a surprise, it was those between the ages of 55-64 who were the most likely to believe that life insurance was not important.
The Experts Views
The statistics are an interesting insight to the nations view on this type of insurance. It is perhaps on occasion a mentality of “it will never happen to me” when people are deciding upon its relevance to them. It may also be attributed to the lack of understanding in many cases where people are simply not aware of the types of cover and how it can work for them. Life cover is seen as the definitive cover should someone pass away but, with other types of benefits available such as critical illness, product awareness needs to be much stronger for people to sometimes see its value rather than simply its cost. To discuss life and critical illness cover get in touch with the Just Mortgage Brokers team today.