New research shows that people in the UK are not adequately insured

Wednesday, July 28, 2010

Confused.com, the online insurance comparison site, has undertaken some research in to the uptake of Life Insurance within the UK. The company has discovered that only forty percent of people who are of an age to take out Life Insurance actually hold a policy, and that those who do not have insurance are usually either married or in a long-term relationship, and have dependants.

The study which Confused.com commissioned demonstrated that sixty-nine percent of people without Life Insurance are in a familial position which would warrant taking out protection in the event of their death, to support their spouse or children.

Of those people who do have Life Insurance, the research showed that only a handful of people have researched and moved from one provider to another, to benefit from the best possible deals. The conclusion from the study was that people overall in the UK are paying too much money for inadequate cover. Confused.com discovered that men were more likely to switch provider than women, and more people in the South East have swapped providers than in the North East, where just one quarter of people have changed.

People in the Midlands had the most comprehensive insurance cover, while only thirty-five percent of people in Northern Ireland have taken out insurance to protect their families. A spokesperson from Confused.com stated: "It's worrying that so few people have a life insurance policy, and equally worrying that so few have switched provider. The fact that so few people with life insurance have ever switched provider suggests that they may not be reviewing it either, making regularly monthly payments and forgetting about it."