Survey reveals British attitudes toward life insurance costs
22nd August, 2013
According to a new research study, the price of life insurance is perceived by Britons as a major obstacle that keeps them from securing a policy. The survey revealed that more than half of all Britons have no life insurance policy currently in force, a situation that can lead to financial devastation should the main bread-winner in the family meet with an accident or fall victim to a fatal disease. Of those who lack a policy, almost 40% report that policies are too expensive. Another group, numbering nearly 20% of respondents, admitted that they have never given much thought to the need for a life insurance policy.
Life insurance can solve a number of financial problems that often arise at the worst possible time, such as when a family is still trying to deal with the emotional aftermath of a loved one's death. The most obvious use for life insurance is income replacement to meet on-going expenses such as rent, food, and utilities. In many families, however, the death of a breadwinner may cause a much worse economic dislocation than merely the absence of fresh income infusions. This can happen if the family is already in debt, and is particularly likely if they are deeply in debt. Such a situation is all too common in today's rough economic times - in fact, the average debt load of a British family at this time is more than £50,000.
Life insurance, however, may not be nearly as expensive at Brits believe. Those without a policy should take an important proactive step to protect their family's future: compare life insurance quotes online today by completing the form on the right.