The latest study has revealed that over a half ok UK adults do not have a life insurance policy as an effect of the current economic crisis.Recent research from Barclays Financial Planning has found that the downturn of the UK economy has led to a fall in life insurance, income protection and critical illness cover.
The study found that 47 per cent of UK adults are not protected in the case of the loss of a job, illnesses or even death.
According to the study’s figures, 52 per cent of adults in the UK do not have life insurance and those who do, are unsure of what their protection covers.
The study found that more than 70 per cent of UK’s adults who have a life insurance policy are unaware of the level of payout they would receive in the case of making a claim.
Alison Tattersal, Head of Customer and Proposition of Barclays Financial Planning, found the figures “worrying.”
She said: “When finances are tight it is often responsibilities like protection policies that fall to a lower priority, and of course these policies protect outcomes that people don't want to think about.”
“People must consider the financial consequences of what would happen if they were unable to work, or their dependants' situation if they died, it would be far worse than any concerns they currently have over struggling to meet their outgoings,” she advised.
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