Heads in the sand over life insurance - Life insurance - News | moneyfacts.co.uk


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Heads in the sand over life insurance

Heads in the sand over life insurance

Category: Life insurance

Updated: 26/11/2012
First Published: 13/12/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

People choose to put their heads in the sand over the financial risk they are taking when it comes to their family's future by not having life insurance cover.

New research from Barclays has found that more than half of adults in the UK do not have life insurance, despite two-thirds of those surveyed also having dependants.

When quizzed over the reasons why they do not have life insurance in place, a quarter (25%) of people said that they did not have dependants who would be financially reliant on the pay out from such a policy.

A slightly smaller percentage (23%) claimed that they had never thought about arranging life insurance.

Meanwhile, just over one in five (21%) people said they went without cover because they believe it does not represent value for money.

"People have a natural blindspot around life insurance that means they often don't want to think about it," said Rob Clarkson, general insurance and relationships director at Barclays Bank.

"However, there are also some key events in their lives, like having children, which lead to taking out insurance.

"Life insurance can be really valuable but many people are put off by the thought of it being expensive or complicated."

Expense, however, is not really an issue.

The half of the nation which is financially unprotected should the worst happen might like to take note of some of the terrific life insurance deals that are currently available.

Monthly premiums for Barclays Simplified Life Insurance start from only £5 a month, with a 10% discount available when applying online. A £15 Marks & Spencer voucher will also be rewarded when you make your third monthly payment.

The Post Office's Life Insurance also starts at £5 a month, while cover for those over the age of 50 is available from £7 per month.

Alternatively, take out a life insurance policy with Tesco Life and you will receive a free £50 gift card.

Moneyfacts.co.uk have partnered with Torquil Clark Life Insurance to help you find the best life insurance deal.

Speak to an adviser about your life insurance needs

Under no circumstances should you cancel an existing life insurance policy until a new one has been arranged. Torquil Clark Life Insurance is a trading name of LifePolicies Direct Ltd which is authorised and regulated by the Financial Services Authority.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.