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Apathy is causing life protection gap

norwich union healthcare

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%

 

 Life insurance: News update: April 2008

 

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