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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.”


Allied Dunbar: Multi-ties won&#39t work but gap-filling would bring benefits

It seems a long, long time ago that polarisation was introduced. In the rapidly changing financial services marketplace, 12 years is a long time. However, it is not so long ago that we cannot remember the marketplace that existed before polarisation was introduced. In those days, we had insurance brokers and agents – and those […]

The missing m-link

Regular readers of this column may recall that at the beginning of June I looked at the new m-link service from Misys Interactive Trading. At the time, I formed the view that, while the service was relatively simple and straightforward to use, there were still a number of teething problems and, frankly, insufficient life offices […]

Elements of risk

Jean is in her early 60s and has acquired through divorce a typical old stockbroker&#39s portfolio of over £1m. There is a small amount of income from fixed-interest stock.The whole portfolio is pregnant with gain and Jean requires a higher income (say, £50,000 as opposed to the £22,000 she currently gets). She is also concerned […]

Royal London to go direct

Royal London is offering its European Growth Trust Isa directly to first time savers. The scheme was previously only available through the life office’s financial advisers. The Isa will now be available direct for first time savers. Royal London’s Product Group Manager Gareth Evans says: “This direct offer provides a great opportunity to invest in […]


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