Almost a quarter of people are putting themselves at financial risk by going without life, medical, and travel insurance. More are putting themselves at financial risk by cutting back on essential insurance, a new survey from Fairinvestment.co.uk reveals.
24 percent confess to not having life insurance, medical insurance, payment protection insurance or travel insurance, all of which could prove invaluable in the case of an accident or emergency.
Payment protection insurance proves to be the least popular type as just 12 percent have this, while only 25 percent have travel insurance.
Fairinvestment.co.uk’s Rachael Stiles says, "That almost a quarter of people are without insurance like life and travel insurance is concerning. As budgets get tighter, I can understand why people are cutting back, but insurance should be one area that is sustained. Particularly when it comes to travel insurance because it makes sense to pay a small one off premium for cover rather than having to shell out for hefty unexpected costs like medical expenses."
Life insurance is an area of cover that is affected by age; just 10 percent of 19 to 21 year olds have a life insurance policy in place, compared to 53 percent of 51 to 55 year olds.
Rachel Stiles adds, “When it comes to life insurance, young people should be more aware as you never know what is around the corner. And, if you are the main bread-winner and have a mortgage or rent to pay and something happened to you, your partner or loved ones would be left to foot the bill, whereas a life insurance policy could cover such expenses."