Less than half of UK adults have life insurance cover, new research from Confused.com has revealed.
In a survey of 2,000 people across the country we found that, of those without life cover, 69 per cent are married or in a relationship, while 35 per cent have children.
This means that a shockingly high proportion of the population could be leaving their loved ones at risk of financial difficulty should the worst happen to them.
The research also found that only 30 per cent of people have ever switched their life insurance provider – meaning they could be missing out on significant savings. (See our article: Review your life insurance policy to check you're not paying over the odds for more information)
Change in life circumstances
Discussing the findings, Matthew Lloyd, head of life insurance at Confused.com, said: “It’s worrying that so few people have a life insurance policy, and equally worrying that so few have switched provider.
He continued: “Any change in life circumstances, like getting married, buying a new house, starting a family or even getting divorced should be a trigger for reviewing your life cover and ensuring you have the right level for your needs.”
Lloyd also warned that failing to ensure you have the correct level of cover could make a “huge difference” in the event of any claim.
“It’s important to revisit the policies whenever a life change happens or every two years as a minimum, and that customers shop around for the best deal for their needs, comparing prices and levels of cover rather than blindly continuing with their existing policy,” he added.
Compare life insurance here and see whether you could save money on your cover.
Having trouble working out how much life cover you will need? Our life insurance calculator could help you out: