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Millions 'at risk' without life insurance
13.08.2008
Millions of Britons could be putting their families at risk financially because they do not have life insurance, it has been claimed.
The Post Office reported that approximately 36 million adults in the UK do not currently have life insurance.
According to the firm, 28 per cent of people believe such products to be too expensive, despite life insurance costs having fallen by 70 per cent over the last 30 years.
Meanwhile, more than eight million said they do not feel it is worth their while to take out life insurance, the Post Office noted.
Duncan Caesar-Gordon, head of protection at the company, said it is "worrying" that many people have not taken steps to protect themselves.
"What is interesting is the calculation that people make when working out how much their life is worth. What people need to consider is a lump sum of money that will help their loved ones pay towards something like a mortgage, should the worst happen," he remarked.
Simon Firmin, life and pensions adviser for Plan Insure, recently warned that not taking out life insurance with a mortgage was a "risky strategy".
The expert said protection was "vital".
The Post Office reported that approximately 36 million adults in the UK do not currently have life insurance.
According to the firm, 28 per cent of people believe such products to be too expensive, despite life insurance costs having fallen by 70 per cent over the last 30 years.
Meanwhile, more than eight million said they do not feel it is worth their while to take out life insurance, the Post Office noted.
Duncan Caesar-Gordon, head of protection at the company, said it is "worrying" that many people have not taken steps to protect themselves.
"What is interesting is the calculation that people make when working out how much their life is worth. What people need to consider is a lump sum of money that will help their loved ones pay towards something like a mortgage, should the worst happen," he remarked.
Simon Firmin, life and pensions adviser for Plan Insure, recently warned that not taking out life insurance with a mortgage was a "risky strategy".
The expert said protection was "vital".