The Life Insurance Market
As many as six out of ten consumers in the UK do not have any form of financial protection, according to one provider of life insurance.
The new Financial Safety Net Report from Scottish Provident found 31 per cent of respondents said they would have to cut back, if the main breadwinner in their family suffered a drop in earnings.
Off the back of the results of this survey Scottish Provident is lobbying UK advisors to support their campaign to encourage consumers to seek financial advice and create their own financial safety net.
The study found that while 35 per cent of people have life insurance, the figures for critical illness cover and income protection stand at just 13 and 9 per cent, respectively.
Head of marketing at Scottish Provident, Susan Barclay, says "with the majority of Britons without any form of protection in place, many are taking a substantial risk with their family's livelihoods."
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