More than half of adults in the UK do not have life insurance according to new research from Barclays. The survey found that only 46.1 per cent of people have life insurance and just 13.7 per cent have critical illness cover, which pays out on diagnosis of a specified illness. This lack of cover highlights the country’s protection gap (the difference between the cover we have and the cover we actually need) which is estimated to be around £2.4trillion. The Barclays research found that people gave a number of reasons why they haven’t taken out life insurance – 25 per cent of people said they haven’t taken out cover because they have no dependents, 23 per cent said they’ve never thought about it and 21 per cent believe that cover is not value for money. The truth is that life insurance is often a lot cheaper than people think – a simple term assurance policy to cover your mortgage in the event of death can cost as little as £5 a month. In fact, people will often pay more to insure their mobile phone or their boiler than they would themselves or their family.
Half of UK adults have no life insurance