Research from Scottish Widows shows that Scots are more likely to have a life insurance or critical illness policy in place than any other part of the UK.
Research with 5148 UK adults shows a clear regional divide north and south of the border, with Scots faring far better than the rest of the UK when it comes to protecting themselves and their families.
Over half of Scots (54%) have life insurance in place, compared to the UK average of just 44%. When we look at the South and South East of the country, just 41% of UK adults have taken out a life insurance product, resulting in this region having the lowest take-up of life insurance across the UK.
Scots also fare better than the rest of their UK counterparts when it comes to protecting their health, with 15% of Scots having a critical illness product, compared to the UK average of just 12%. The take-up of critical illness products in the South and South East is again lower with a take-up of just 11%, however in Wales the figure is just one in ten.
The take-up of income protection products is lower still, with a UK average of just 7%. Again we see a higher take up in Scotland of 8%, compared to the South and South East lagging behind at a lowly 6%.
Clive Allison at Scottish Widows comments, "Whilst the research shows a low take-up of life insurance, critical illness and income protection products in general across the UK, including north of the border, it is interesting to see individuals in Scotland seem to be more inclined to protect themselves and their families than other regions in the UK.If we single out life insurance, the awareness among individuals is far higher than critical illness and income protection, partly due to the product being offered when individuals purchase a home. And if we look at the vast difference of take up of life insurance in Scotland compared to other parts of the UK, especially the South and South East, we can put much of this down to the fact that more Scots own their own home compared to say, London where more people will be renting."
Life insurance news: 12 June 2011