65% of UK adults have no life insurance or other protection cover, rising to 72% in London*.
Location and age are likely to be contributing factors to people in urban areas being less likely to have life insurance and critical illness cover. Protection policies are more likely to be taken out by those between the ages of 30-85*. Home ownership rates are also lower in urban areas and there is a strong correlation between people buying a house and taking out relevant protection policies.
In the same survey, 78% of adults say they would rather be safe than sorry with their finances, yet the majority still have not taken out insurance products. It is possible that as insurance is not a mandatory requirement, people just do not understand the benefits of certain protection policies and why they are likely to need to have protection in place.
The vast majority of the population has someone dependent on them, for example a partner, child or relative that they look after. It is unlikely that these dependents would be able to be self-sufficient if the income of the primary adult were to stop for any reason, for example if the adult were to fall ill or lose their job. Critical illness cover and income protection cover are designed to provide you with income in these circumstances. Speak to a financial adviser on 0117 973 0500 to discuss your protection requirements.
At Four Wealth Management, when creating a bespoke financial plan for clients, our financial advisers will always outline which levels of protection you will need. They will show you how long your finances may last if you were unable to receive your normal income for any reason.
Find the right level of protection for you
To discuss areas of protection including life insurance, critical illness cover and income protection cover, phone us on 0117 973 0500 to arrange a no-obligation meeting with a financial adviser.
*‘The Financial lives of consumers across the UK’ – Financial Conduct Authority survey of 13,000 people, 2017