Only a quarter of Brits have life insurance or critical illness cover policies in place, despite two in five knowing someone who has had a serious accident or been too ill to work, a study* has found.
Compared to protection for our homes (55%) and travel plans (20%), the take-up of insurance policies relating to our own life is surprisingly low (25%). Life insurance provides crucial peace of mind that those we leave behind won’t suffer financially, while Income Protection and Critical Illness Cover are a vital defence against loss of income and serious illness.
Gender puzzle
The study revealed that women are less likely to have cover than men, with 24% of female respondents having no protection policies in place. This is despite only 22% of women saying they don’t think an accident or serious illness will ever stop them from working, lower than the 28% of men who think the same.
The young ones
Meanwhile, the youngest demographic (18 to 24) is the least insured, with 35% having no policies, compared to only 14% of those aged 55 plus. In this unpredictable life, accident or illness can strike at any time – whatever your age, it’s worth thinking about how you or your loved ones would cope should the worst happen.
*Caspian, Aug 2021
Replies
It was an awful weekend just past. I lost two Facebook friends. A male aged 40 and a female aged just 42. You just never know what is around the corner...very sad.
Definitely something to be highlighted. I often ask my clients what they would do, if for some reason they couldnt work through injury or illness- how would they support themselves, their family, pay the mortgage?
Good post Phil. 55% for homes, but only 25% for people? That messes with your head a bit!
People often tend to insure their pets more than themselves as well.
I was wondering if and when Phil might mention this one. That was the stat that blew my mind, realising as he told me that we were one of the households (almost) guilty of this. We do have cover in place for us but I think Ernie's in a more comfortable position, if for any reason, he has to give up chasing cats or chewing sticks at any point!