Mind the life insurance gap

Post Office research has revealed that the average life insurance sum settled on by consumers in Britain is roughly £350,000.

Many people cover themselves hoping to clear any sort of debt or arrears they may leave behind when they pass on, such as a mortgage or loans.

Post Office head of protection Duncan Caesar-Gordon says: "The average UK adult values their life at £350,000, over double the average life insurance policy. It is worrying that so few people have taken measures to protect themselves. What is interesting is the calculation that people make when working out how much their life is worth. What people need to consider is a lump sum of money that will help their loved ones pay towards something like a mortgage, should the worst happen."

The study also revealed that 36 million adults, 3 out of 4 of the adult population, do not own or intend to take out life insurance policies.

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