An increasing number of people have taken out life insurance to protect their families in the event of their untimely death, a new survey claims.
Research by Norwich and Peterborough Building Society (N&P) found that around seven out of ten breadwinners now have life insurance compared to just under a quarter in 2003.
However a fifth of people who do not have life insurance are adamant that they do not need it just under two thirds of these were women. Nearly four in ten said they “just hadn’t got around to it yet” whilst nearly a third said they did not think they could afford it.
Around a fifth of those without life insurance said they would consider taking out cover if they got married, one in ten said they would look into it if they bought a house, and seven per cent said they might be prompted by the death of a close fiend or relative.
Judith Dove, head of financial advice service at N&P, said: Although no one likes to think about what might be round the corner, it is very important to make sure your family could survive without your income and would be taken care of financially.
“When considering protection, bear in mind there are differences in the cost and quality of products. Wed recommend talking to an IFA to find out which type would suit individual circumstances.
“Its important to understand an individually-tailored solution, combined with regular reviews to take changing circumstances into account, is the best route to take,” she added.
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