In Britain today the average adult is underinsured by almost £97,000, research by Axa has revealed, with the average family facing a shortfall of £176,776.
Axa also found that around half of adults who consider themselves very well insured, face an average protection gap of £29,530.
Research across Europe was used in the analysis to compare average life insurance cover against household income, uninsured debt and average asset value.
Figures from the research show that 72 per cent of adults are underinsured and could face significant financial shortfall if making a claim . Also, despite concerns about the current economic slowdown, one out of five UK adults don’t have any insurance to cover their loans .
Iain Mallon, head of protection for Axa, said: "The study reveals that the average family would be left facing a massive financial shortfall should the worst happen and one or both parents die.
"Clearly this is a significant issue which needs to be addressed and we urge people to see an IFA and ensure their protection cover continues to keep pace with their changing life situation.
Average UK adult underinsured
Financial Services > Income lnsurance > News
Average UK adult underinsured
Thu, 20 Mar 2008
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