People have too little life insurance cover, expert

Mon, 21 Jan 2008

Most people in the UK do not have enough life insurance cover, one industry body believes.

Nick Kirwan, head of health and protection insurance for the Association of British Insurers, said: "If people start a family, that's a time when the need for life insurance particularly shoots up.

"Sadly, there isn't really an easy mechanism for getting that message to people."

He added that "life insurance is very cheap" especially when people were in their twenties and thirties - when people typically start a family.

The Association of British Insurers estimates that around one in three Britons has no life insurance and a further third have not renewed their life insurance policy for five year, meaning they too may lack cover .

In 2005 the Telegraph reported that life insurance company Swiss Re, estimated that there was a £2.3 trillion gap between the expenses of UK families and the amount covered by life insurance policies .
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