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Apathy is causing life protection gap

Apathy is leaving 20 million UK adults exposed to unnecessary financial risks because they don't have any form of life or income-related protection, says Norwich Union.

Figures reveal that of those without life insurance, more than a third say this is because it's still on their ‘to do' list or they simply haven't thought about it.

One in seven say they have made other provisions; one in ten haven't bothered because they have no dependents and feel no need for insurance, while a further 9% say they don't have it because they don't have a mortgage. 3% of people say they haven't purchased cover because they don't understand it.

Darren Dicks, head of protection marketing from Norwich Union says: "These findings are cause for concern as they suggest many people are taking an ‘it won't happen to me' approach to protection. Around 52% of UK adults have no life cover at all and the remainder are either underinsured or unsure about what type of cover they hold. Many people wait until they have a particular event in their lives, such as a house purchase or the birth of a child before they purchase life cover, but people shouldn't take the view that they need to. "

The research also reveals a number of trigger moments that prompt people to make life insurance purchases:

  • Buying first home: 44%
  • Moving home: 18%
  • Divorce/separation: 14%
  • Getting married/moving in with partner: 13%

 

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Apathy is causing life protection gap
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