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%), cars (53%) 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.
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.
Mind the gap
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
The value of investments and income from them may go down. You may not get back the original amount invested. A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.