People do not want to give up life insurance

Fri, 04 Nov 2011

People in the UK remain reluctant to give up life insurance, even when times are hard and they are struggling to make ends meet, it has been suggested.

Dave Barral, chief executive of Aviva UK Life, was speaking after his company revealed its financial results for the year so far, the Yorkshire Post reports.

The industry figure stated: "Even when conditions are tough, people still want to protect themselves. Life insurance and critical illness cover is the last thing they will give up."

According to figures released by the group, its life and pension sales upped to £8.1 billion - an increase of six per cent - over the first nine months of 2012.

Mr Barral noted that although wider economic concerns such as the European debt crisis and the troubles faced by Greece affect everybody, the notion of protecting oneself in retirement is something that always stays strong.

However, his comments came after recent research carried out by Confused.com revealed half of the people in the UK who are co-habiting with a partner could be facing a life insurance time bomb as they have no such cover in place.
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