Brits put house insurance before life/CI cover, says Scot Prov
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Britons value their household contents more than themselves, Scottish Provident research reveals.
The research found 71 per cent of those surveyed have contents insurance, while only 44 per cent have life cover and just 15 per cent have critical illness cover.
The study also found only 11 per cent of people have private medical insurance, 9 per cent have income protection and 5 per cent have unemployment benefit.
According to Scottish Provident the most common barrier to taking out insurance was cost, with 44 per cent of respondents claiming it is too expensive.
Head of marketing Susan Barclay says: “It is great to see that people are taking out adequate insurance to cover the items in their homes. However, this should not be at the expense of personal cover. Despite the fact that almost a half of the respondents perceived personal insurance as too expensive, people need to be aware that life protection can be bought from as little as £10 per month, and extras such as critical illness cover can be added for around £17 extra a month.
“While many people think that their savings will cover them, should they fall critically ill and are unable to work, the financial impact can run into thousands of pounds. It is vital that consumers take out suitable protection in order to provide for themselves or their loved ones if the worst happens.”
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Readers' comments (1)
Alan Lakey | 17 Dec 2009 11:38 am
Sadly, this confirms previous reports and highlights how important itis that advisers become proactive in SELLING protection to their clients.
Recent FSA research for the RDR highlighted that the reason many consumers purchased a product was because they were asked to.
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