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Norwich Union life insurance survey reveals UK protection gap

Article by Simon Christopher
Posted: 20/3/2008 - Last updated: -
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A survey by Norwich Union has revealed that apathy is leaving 20 million UK adults at financial risk because they don't have any form of life or income-related protection.

Figures from Norwich Union Life Insurance show that of those without any life cover...

  • more than 37% say this is because it's still on their 'to do' list or that they haven't thought about it
  • one in seven (15%) say they have made other provisions
  • one in ten (10%) haven't bothered because they have no dependents and feel no need for a life insurance policy
  • 9% say they don't have it because they don't have a mortgage to insure
  • 3% of people say they haven't taken out a policy because they don't understand it.

Head of protection marketing at Norwich Union, Darren Dicks commented... "These findings are cause for concern as they suggest many people are taking an 'it won't happen to me' approach to protection. Around 52% of UK adults have no life cover at all* and the remainder are either underinsured or unsure about what type of cover they hold.

"There is currently a £2.3 trillion protection gap in the UK which leaves a large proportion of the population vulnerable. Many people wait until they have a particular event in their lives, such as a house purchase or the birth of a child before they purchase life cover, but people shouldn't take the view that they need to wait."

Norwich Union's research also reveals a number of key 'trigger' events which motivate people to purchase life insurance cover. These events include:

  • Buying first home: 44%
  • Moving home: 18%
  • Divorce/separation: 14%
  • Getting married or moving in with partner: 13%

* Source: Swiss Re

PLEASE NOTE: News items are intended for information only and should not be relied upon when making insurance decisions. Due to their nature, some of the information in these news stories including any references to taxation, legislation, regulation, or other issues may no longer be current.

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