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The Life Insurance Market
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Protection Oversight research undertaken on behalf of Friends Provident has revealed that 24 million people in the UK have no insurance in place to cover loss of income through illness or death of a breadwinner.
Even those that have considered taking some action would be underinsured by an average of £14,500 per year.
A third of people think they could live on less than 35% of their take home pay if they were unable to work through illness or injury. Based on an average weekly income of £489, that means they would have a maximum income of £171 per week, £300 less than the current average weekly household expenditure of £471, and not enough to survive on especially if there is only one breadwinner in the household.
Of those who have policies in place, over half (53%) have no idea how much they would receive if they were to make a claim. This suggests the policies they have may no longer be adequate if their circumstances have changed, for example, their salary has increased, they have married or had children since taking out the policy.
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