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Newsletter

Brits 'should think about life insurance'

By Marianne Straker, Thu 14 Aug 2008 - Published in Life Insurance

Some 75 per cent of Brits do not have life insurance, new research has found.

The Post Office carried out a study which revealed the average adult in the UK believes they are worth £350,000.

Those approaching, or already in retirement, valued themselves most highly, at an average of £500,000.

However, despite the fact the cost of life insurance has dropped by 70 per cent over the last 30 years, the majority of those questioned were not covered.

Approximately 28 per cent of people said they could not afford it and a further 18 per cent admitted they did not feel their lives were worth insuring.

Duncan Caesar-Gordon, head of protection at the Post Office, said people could get cover for about £10 a month.

He added: "Thinking about the future and how the family will cope should the unexpected happen is a worry that can easily be avoided by taking out life insurance."

Meanwhile, a survey by moneysupermarket.com has revealed a third of Brits are concerned they will not be able to afford to heat their homes this winter after energy price rises.