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Brits 'value possessions more than selves'
UK residents are putting their money into protecting their belongings rather than themselves, according to a new study.
More than four times as many people have contents insurance than critical illness cover, a survey by insurers Scottish Provident has revealed.
Over 70 per cent of Brits have insurance to protect their belongings, compared to 44 per cent having life insurance.
Just 15 per cent of people in the UK have critical illness cover, which pays out a lump sum in the event of you or your partner becoming seriously unwell.
Susan Barclay, head of marketing at Scottish Provident said: "While many people think that their savings will cover them, should they fall critically ill and are unable to work, the financial impact can run into thousands of pounds. It is vital that consumers take out suitable protection in order to provide for themselves or their loved ones if the worst happens."
She added: "It is great to see that people are taking out adequate insurance to cover the items in their homes, especially in the run up to Christmas when people are making lots of purchases. However, this should not be at the expense of personal cover."
According to the survey, the most common barrier to people taking out insurance is cost, with 44 per cent of people thinking that it will be too expensive to cover either their health or belongings.
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More than four times as many people have contents insurance than critical illness cover, a survey by insurers Scottish Provident has revealed.
Over 70 per cent of Brits have insurance to protect their belongings, compared to 44 per cent having life insurance.
Just 15 per cent of people in the UK have critical illness cover, which pays out a lump sum in the event of you or your partner becoming seriously unwell.
Susan Barclay, head of marketing at Scottish Provident said: "While many people think that their savings will cover them, should they fall critically ill and are unable to work, the financial impact can run into thousands of pounds. It is vital that consumers take out suitable protection in order to provide for themselves or their loved ones if the worst happens."
She added: "It is great to see that people are taking out adequate insurance to cover the items in their homes, especially in the run up to Christmas when people are making lots of purchases. However, this should not be at the expense of personal cover."
According to the survey, the most common barrier to people taking out insurance is cost, with 44 per cent of people thinking that it will be too expensive to cover either their health or belongings.
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Published: 17/12/2009
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.