Monday January 7, 10:33 AM
Life insurance not top priority
By Kate O'Raghallaigh
More than half of UK consumers (54%) have no life insurance cover, research from life and pensions company Friends Provident (LSE: FP.L - news) has shown.
According to the results of Friends Providents Protection Survey, 6% of people are
prepared to accept only free life cover in exchange for their mobile phone, with more than 27% saying that they would opt to buy life insurance cover if they had £5 per month to spend on insurance.
For the 46% who do have life insurance, 69% take professional advice from a financial adviser when buying cover, or conduct their own research using the internet or newspapers.
Mark Jones, protection products and actuarial manager at Friends Provident, said: Life insurance (LINS.PK - news) is the most basic form of protection you can get and it plays such an important role in providing for your family and loved ones, very often at a time of absolute need.
Understandably, none of us really want to think about our own mortality, but we do owe it our families to ensure that we have made provision be it to pay off the mortgage or provide a lump cash sum. Lets hope in a years time, these figures for those with life insurance show a big increase.
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