11% Of UK Adults Don’t Know If They Have Life Insurance

by | Monday 5th Feb 2018 | Mortgage Insights


Getting the right life insurance policy and working with a specialist broker to find an affordable, bespoke package isn’t just essential for you as an individual. It’s crucial to giving greater peace of mind to your family and loved ones, letting them know they are financially protected should the worst happen. It is something that all adults need to consider.

Only, research has suggested that there is still a dearth of people across the UK who not only haven’t taken out a policy, but aren’t even sure if they have one or not. According to LifeSearch’s 2017 Health, Wealth and Happiness report, an astonishing 11% of those in the UK are in the dark as to whether or not they have a life insurance policy to protect them at all.

You’re not just insuring yourself with a policy

At the same time, 57% of adults in the UK have no policy or protection to their name, even though 14.3 million households across the country were classed as ‘owner-occupiers’ between 2015-16.

That’s important because the logic is simple. If you or a loved one should pass away, then the right life insurance policy can go a long way to helping loved ones in a financial sense with mortgages, funeral costs and more, especially during difficult times.

What’s so interesting to take from these statistics is that people appear to be overlooking the benefits of life and other insurance policies, despite poor health being one of the biggest concerns across the UK today.

A survey published by Bupa Health Clinics at the beginning of 2018 has found that two-thirds of people across the country say they worry about their partner’s health throughout the year, with the average person worrying about their partner more than twice a week. Two-thirds have even gone as far as ‘sneakily’ hiding treats or swapping food for low-fat options to try and improve their partner’s diets.

With so many going to extreme measures to improve the health and wellbeing of their loved ones, so concerned are they by their partners’ health, the lack of life insurance policies and personal protection insurance measures is tough to understand.

The case for life insurance

Research from Opinium published in May 2017 may suggest why. They say that 47% of those they talked to for their State of the Protection Nation report believe a policy is ‘essential’ for anyone with a mortgage or dependents. However, a number of people admitted they have low confidence in the ability of protection products to provide a solution to their individual needs.

53% of the 55+ age group surveyed, for instance, disagreed with the statement ‘protection insurance products provide a real and genuine solution to my needs’, despite it being the age group most likely to have life cover.

One of the best ways to navigate those problems and discover policies that are best suited and aligned to your needs and budget is to work with a specialist consultant who can build a life insurance package that will give you peace of mind and protect your loved ones should the worst ever happen.

Find out more about the benefits of investing in a life insurance policy that’s tailored to your needs by speaking to a specialist Oportfolio consultant today.

Please note that neither Oportfolio Limited or First Complete Limited are responsible for the accuracy of the information contained within externally linked sites accessible from this page.

We're Here to Help

If you have any questions about UK mortgage news or or anything you’ve read then please get in touch. We’d love to hear from you.

As featured in

Understanding a Volatile Mortgage Market eBook

Download Our eBook

Join our mailing list and receive a link to our latest ebook, Understanding a Volatile Mortgage Market. 23 pages of practical insights to navigate the unpredictable mortgage landscape.

You Will Receive A Link To Your eBook Shortly!