
UK life cover too expensive - research

One in four UK adults without a life insurance policy believe the cover is too expensive, research by AXA suggests.
One in five didn’t believe they needed it, while just over one in ten said they had never thought about it.
However, the research also suggests UK adults are more likely to have life insurance than their European counterparts.
The study found around 71% of UK adults now have at least one life insurance policy compared with 45% in Italy and 53% in Germany and Spain.
But AXA says few UK adults are adequately covered with just 20% having income protection to tide them through periods of sickness or unemployment, despite worsening economic conditions.
Graham Harvey, AXA managing director of protection, says: “While it is encouraging to see the majority of UK adults now have a life insurance policy, the reality is many people are still underinsured in key areas, particularly in the event of unemployment.
“It is particularly worrying to see how many people say they think protection insurance is either too expensive or that they don't need it and this underlines the educational job that is still required to ensure more UK adults view adequate protection as a key part of their long term financial planning.
“With the housing market slowing, the trigger of buying a home will further decrease; this further highlights the need for individuals to seek independent financial advice for their protection needs.”
Contact:
Scott Sinclair
News Editor
020 7034 2636
[email protected]
More news
Platforms' value for money 'hard to gauge' - David Ferguson
Speaking at Professional Adviser's conference
Equity release on the cusp of 'revolution'
Equity release panel
Paul Resnik: Why IFAs must get intimate with clients
Speaking at PA360
PA360: Ask your business a number of questions to be GDPR ready
TISA's Peter Smith
Orbis' Brocklebank: We welcome the rise in passives
Shone a light on 'closet trackers'