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John Davies

With a number of years journalism experience, John is a personal finance journalist and editor providing regular daily news updates to the MoneyMaxim website. His area of particular interest includes house prices, mortgages and insurance. He works as News Editor at MoneyMaxim.

Over 50% of Brits without Life Insurance

Despite the harsh economic climate, 56 percent adults do not have life insurance new figures reveal, to secure the financial wellbeing of their loved ones.

Despite the harsh economic climate, 56 percent adults do not have life insurance new figures reveal, to secure the financial wellbeing of their loved ones.

life insurance

According to research by Scottish Widows, an estimated 28 million Brits do not have any life insurance in place.

While UK adults are adverse from putting measures in place to protect their family from financial insecurity should they die, they are more prepared to take out other types of insurance. Fifteen percent insure their pets than their income, and 13 percent are more likely to hold mobile phone insurance than life cover.

"We realise that many people do not like to plan for the unknown, however the importance of doing so cannot be underestimated,”said Clive Allison, Scottish Widows, market director of protection.

"It is extremely worrying that so many of us haven't protected the things most dear to us – our families, our homes and our incomes which enable us to lead the lifestyles we do.”

Life insurance, critical illness cover and income protection are all being dismissed by a significant chunk of the UK population.

The survey reveals 97 percent are aware of life insurance and the importance of having it, however only 44 percent actually have cover.

Almost a quarter say they believe they cannot afford life insurance, while 26 percent admit the cost of critical illness cover is preventing them from taking it out.

According to Scottish Widows they have paid out over £1.15 billion since January 2000 to customers for life and critical illness claims.

Over 30,000 families have been helped in this period by their life insurance or critical illness cover, yet a significant amount of the nation is at risk.

Material goods such as internet broadband are seen as essential compared to life insurance which is viewed as a luxury, their research found, as 69 percent expressed.