More than half of UK adults do not have any life cover
Mon, 13 Dec 2010
Over half (54 per cent) of adults in the UK do not have life insurance, despite two-thirds of those questioned also having dependants, claims new research from Barclays .

With half the country financially unprotected if the worst should happen, the figures further emphasise the protection gap in the UK, which is projected to stand at £2.4 trillion.

Rob Clarkson, General Insurance and Relationships Director at Barclays Bank, said: "People have a natural blindspot around life insurance that means they often don't want to think about it. However, there are also some key events in their lives, like having children, which lead to taking out insurance."

According to the study, the main reasons for not taking out insurance include not having dependants (25 per cent), never having thought about it (23 per cent) and believing it is not value for money (21 per cent). To reduce the protection gap, Barclays has relaunched the Simplified Life insurance product which it says is competitive and reliable, simple to understand and easy to buy.
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