Four in ten have no life insurance

08 July 2004
New research has found that more than four in every ten adults in the UK do not have life insurance.

Moreover, more than three quarters of those without cover have either a mortgage or people dependent on them.

Research from IFA Promotion, who promote independent financial advice, found that just 30 per cent of 18 to 30-year-olds have their life insured, 70 per cent of 30-50-year-olds are covered, but most worryingly this drops to just 61 per cent for over 50s.

This is despite the fact one in five over 50s still have a mortgage and 76 per cent have dependents.

The research also found that Londoners are the least likely to have life cover, with those living in the north of England and Scotland most likely to be covered.

David Elms, chief executive of IFA Promotion, noted: "No one wants to dwell on the inevitable, but if people depend on you financially, you need to take steps to protect them."

He added: "An IFA can weigh up your protection options and take an all-round view on the right type and level of cover for your personal situation."