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More than 50% of Brits have no life insurance cover

By Marianne Straker, Mon 24 Oct 2011 - Published in Life Insurance

Over 50 per cent of Brits do not have a life insurance policy in place, according to research by confused.com.

The website's report revealed that over a third of people without this type of cover say that they cannot afford the contributions.

On top of this, almost a third of Brits believe that life insurance is a waste of money, and a fifth think that an annual holiday is more important than a policy.

Matthew Lloyd, head of life insurance at confused.com, said: "With over 50 per cent of people not having life insurance and 56 per cent of their partners not having life insurance this shows a worrying future for peoples loved ones.

"The benefit of life insurance is peace of mind - knowing your family will be looked after financially."

Recently, research by GoCompare.com revealed that two-thirds of Brits would rather spend an extra £10 per month on lottery tickets rather than buying life insurance.