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Misconceptions lead to low take-up of protection cover

Most families are underinformed and underinsured for the possibility of serious illness or death, according to research commissioned by Scottish Provident.

The survey, conducted by Mori Financial Services, reveals 56 per cent of people have no life insurance cover.

It shows misconceptions and a lack of understanding of the options available are responsible for people having inadequate insurance.

Only two in five people have life insurance and just one in seven has critical-illness cover.

Four in 10 believe the state will provide for them and their family if they are unable to work for more than six months, and more than a quarter believe their employer will support them. Almost one in three believes critical-illness and disability cover is too expensive.

Head of product marketing John Hay says: “Too many people either think it will not happen to them or that the state and their employer will look after them. The idea that critical-illness and disability cover are only for the wealthy seems to be too widely held.”

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