David Brown of - one of the UK’s leading advisors on life insurance and term assurance offers a commentary on the current life market:

“The Scottish are amongst the most prepared and Londoners the least prepared of UK citizens to have prepared for the often surprising costs of arranging cover of finances following their death. With recent trends in the American life insurance sector indicating that individuals are keen to keep life assurance a priority in their budgets, the British are found to be struggling with attributing importance to key expenditures, resulting in a deficit in their provisions for their family in the future.

“As with other consumer-driven economies, inflation has driven up the potential costs of funeral arrangements. However, many people remain unaware of the actual money required to provide funds so as to cover costs once they have passed on. There are many ways in which to put money aside in order to provide for costs associated with passing away and providing for loved ones after you’ve gone. Whilst 59% of the UK population cite savings and investments as being their primary manner of setting aside provisions, a good life assurance policy can provide you with peace of mind that loved ones will be financially secure following your death.

“Life insurance is able to provide provisions for the future that may prove to be more economically secure than simply placing money in savings and investments since interest rates are subject to cuts, as can be seen by the lowest baseline interest rate set by the Bank of England this year. It is vital to consider placing money in a suitable policy so as to provide sufficient cover for funeral costs and arrangements or your loved ones.”


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