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You are here: Home / Independent financial advice / 36 million people in the UK have no life insurance

36 million people in the UK have no life insurance

Published: August 15, 2008

The Post Office published some statistics this week relating to how members of the UK population measure their wealth. According to the research the average UK adult believes they are worth £350,000. Naturally, there were regional differences with Londoners valuing themselves at £500,000.

The research goes on to mention that 75%, or 36 million adults, have no life insurance cover at all. 28% of those surveyed said that the cannot afford life insurance while over 8 million people feel that their lives are not worth insuring at all.

Sadly, as financial advisers, we do have clients who pass away and their families rely on us to provide financial advice and support for the deceased’s financial affairs. Many clients have died far too young leaving partners with children to bring up. Those who have adequate life insurance in place have a much less stressful time whilst dealing with the death as they have no need to worry about paying the mortgage or other bills.

Taking out life cover does not need to be complicated or expensive. Taking advice from an independent financial adviser will give 2 advantages:

  1. You can be sure that the IFA will provide comprehensive advice taking into account all of your financial and family circumstances
  2. The IFA will source the new life insurance policy from a wide selection of companies

It is not generally recommended that a single person with no dependants should have life cover. However, should you have a spouse, partner or children then life cover is something that needs serious consideration.

As a priority, any debts such as loans, credit cards or a mortgage should be covered with life insurance. Then a second calculation should be made to ascertain how much additional cover to have to provide long term financial protection for the family.

An IFA will discuss all of these aspects with you to ensure that the cover is just right for you and your family.

If you would like to discuss life insurance in more detail please visit our main website http://enhancedwealth.co.uk/insurance/protection.htm or call 0800 316 5756.

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Filed Under: Independent financial advice, Insurance Tagged With: life cover

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Registered in England & Wales No: 04125057 THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Typically, we will charge £350 to a maximum of £495 in certain situations for arranging your mortgage and we will be paid commission from the lender, please ask for full details. We are entered on the FCA Register No 207532 at www.fca.org.uk/register/. The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers in the UK. The Financial Conduct Authority does not regulate will writing, finance, commercial mortgages and some aspects of buy-to-let mortgages.

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