A recent YouGov Report – Life and Health Protection 2015 – suggests that there is a significant proportion of the population not covered by life insurance. Some have never been covered, while others may have pulled out of their policy at some point.
The research found that three out five (60%) respondents are not covered by any type of life insurance. Of this number, 17% used to be covered but are not now.
Uptake of critical illness product is even lower than life insurance ownership. Only 12% of respondents currently have this cover. 71% do not, while just 3% intend to invest in cover in the near future.
Affordability is the key reason why more people do not take up life protection. 34% said that they cannot afford to invest in it. If they could afford it, 29% say they would at least consider having a policy. 22% say they do not see the need because they have no family or dependents. Unfortunately, 29% say they could not be persuade by any of the enticements given out to take cover.
Tom Rees, Associate Director, YouGov Reports said ‘It is clear that companies offering life protection need to do more to make the service both affordable and ‘worthwhile’ in the eyes of customers. Until that point, the take up of such offers will be low’.