Almost three quarters of the UK population have no life insurance, according to exclusive new research from Moneywise. It indicates that millions of British households could face financial hardship from failing to protect themselves.
The findings, from the Moneywise Consumer Opinion Survey of 20,000 people, reveal that just 27.5% of adults surveyed admitted they had life insurance.
This is less than the number of people who said they had travel insurance (27.9%) and far less than the number of people who said they have home buildings and contents insurance (61.1%).
The findings come in the same month that insurer Scottish Widows warned that families could be risking their livelihood by failing to protect themselves financially.
The insurer said that over half (52%) of the UK population with at least one wage earner in the household is reliant on a single income in order to make ends meet for their family. But the firm also found in a survey that two thirds of people do not have life insurance – almost mirroring the Moneywise findings.
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Katya Maclean, Protection Expert at Scottish Widows, said: "No one likes to think about the unexpected happening to them, [but] it is clear that this tendency to ignore the worst case scenario is preventing families from preparing for the future and protecting their livelihoods."
The results of the Consumer Opinion Survey have been used to crunch the shortlist for the Moneywise Customer Service Awards 2013 – at which Britain's most trusted life insurance provider will be announced on 13 June. The shortlist can be viewed here.
Read the June 2013 issue of Moneywise – in stores on 30 May – for our exclusive feature on the dangers of overlooking protection.