Britons value their home contents more than themselves, because more have contents insurance than critical illness insurance, according to Scottish Provident.
Research carried out on behalf of Scottish Provident has revealed that while 71 per cent of UK adults have home contents insurance to protect their belongings, only 15 per cent have critical illness insurance to protect themselves against serious illness.
Whilst it is advisable to protect belongings and contents as Christmas approaches and homes fill up with expensive presents, Scottish Provident warns against neglecting critical illness insurance, which provides a lump sum payout in the event that a serious illness is diagnosed.
Apart from the fact that nearly half of respondents have life insurance, Britons are not protecting themselves enough, the study found; nine per cent have income protection insurance, and even fewer, just five per cent, have unemployment benefit, leaving them vulnerable to current volatility in the jobs market.
In addition to revealing a deficit in the number of Brits protecting themselves financially, the survey revealed that for 44 per cent of respondents, the primary barrier to taking out critical illness insurance is cost. A further 13 per cent deem it unnecessary because they have savings, but Scottish Provident questions how long savings would last if they lost their job, or were diagnosed with a critical illness.
Commenting on the results, Susan Barclay, head of marketing at Scottish Provident, said that home contents insurance should not come at the expense of personal cover.
"Despite the fact that almost a half of the respondents perceived personal insurance as too expensive, people need to be aware that life protection can be bought from as little as £10 per month, and extras such as critical illness cover can be added for around £17 extra a month," Ms Barclay said.
"While many people think that their savings will cover them, should they fall critically ill and are unable to work, the financial impact can run into thousands of pounds. It is vital that consumers take out suitable protection in order to provide for themselves or their loved ones if the worst happens."
© Fair Investment Company Ltd