News Article
Cheaper Life Insurance Quotes Can Leave Briton's Wanting
A new study carried out by an insurance group has revealed that an individual's desire to find the cheapest life insurance quotes can leave many without adequate cover. Revealing that the average Briton underestimates their cover by up to an annual 14,500 pounds, Friends Provident expressed that simply buying a cheap policy will not ensure adequate cover.
Conducing a research questionnaire on 2,000 individuals, it was discovered that almost 50per cent had no cover at all to protect love ones from financial deficits caused by a critical illness or possible death. Meanwhile, of those who had cover or were thinking of purchasing some, most had grossly underestimated the amount of cover required. Opting instead to look for the lowest life insurance quotes, the average Briton did not ensure that in the event of an incident, their family would not bear any financial losses.
Other survey figures also intimated that almost a third of those asked believed that they could live on approximately 35per cent of their take home salary. However, sceptical of this belief, Friends Provident's head of protection sales Ed Stuart-Brown explained "It's time people took control of their future and looked at this in a responsible way, instead of burying their heads in the sand, especially in today's environment. Ignorance is not bliss, it's irresponsible."
Elsewhere, a further funded by F&C Investments indicated that a concerning number of individuals lacked insurance. Focussing on individuals between the age of 35 and 45, it was shown that 22per cent had inadequate life insurance and no will.
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