Only a quarter of Brits have life insurance or critical illness cover policies in place, despite two in five knowing someone who has had a serious accident or been too ill to work, a study1 has found.
Compared to protection for our homes (55%), and travel plans (20%), the take up of insurance policies relating to our own life is surprisingly low (25%). Life insurance provides crucial peace of mind that those we leave behind won’t suffer financially, while Income Protection and Critical Illness Cover are a vital defence against loss of income and serious illness.
Gender puzzle
The study revealed that women are less likely to have cover than men, with 24% of female respondents having no protection policies in place. This is despite only 22% of women saying they don’t think an accident or serious illness will ever stop them from working, lower than the 28% of men who think the same.
The young ones
Meanwhile, the youngest demographic (18 to 24) is the least insured, with 35% having no policies, compared to only 14% of those aged 55 plus. In this unpredictable life, accident or illness can strike at any time – whatever your age, it’s worth thinking about how you or your loved ones would cope should the worst happen.
1Caspian, Aug 2021
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