Life insurance shortfall revealed by Post Office
Around 75 per cent of people do not have life insurance, the Post Office said today.The organisation also released figures showing that the average Briton owns assets of £350,000 - around twice the level of the typical life insurance policy.When people who had not taken out the cover were asked why, one quarter said they could not afford it, while a further 18 per cent said that they did not think it was worth paying for.Regionally, Londoners had the highest net worth - averaging £500,000 per person.Post Office head of protection Duncan Caesar-Gordon said: "Regardless of the average UK adult valuing their life at £350,000, which is over double the average life insurance policy, it is worrying that so few people have taken measures to protect themselves."What is interesting is the calculation that people make when working out how much their life is worth. What people need to consider is a lump sum of money that will help their loved ones pay towards something like a mortgage, should the worst happen."
Share this..
Related stories
Insurers forced to be clearer over premiums
10/07/2014 Insurance companies will soon be expected to provide clearer information on renewal quotes, as the Financial Conduct Authority (FCA) prepares to draw up new rules for the industry. The new regulations are likely to include measures to force insurance companies to provide extra details when a customer comes to renew their policy. It’s claimed that customers will now have to b...
Read MoreOne million people at risk of house repossessions
04/09/2015 New research from Citizens Advice has shown that almost 1 million people are at risk of having their homes repossessed because they have no way of paying off their interest-only mortgage. The research from the national debt charity shows that 934,000 people who have interest only mortgage have no plan to pay it off when the term ends. This means many people would have to sell the...
Read MoreLocal councils could lose £700m of funding
As the local council funding saga moves on, it has been revealed that we have now reached a figure of £700 million and counting, with regard to funds held by public authorities with failed Icelandic banks. It has also been confirmed that everyone from local councils to polices forces to public transport companies had funds held with Icelandic banks, or branches thereof.
The vari...
Chancellor cuts basic income tax by 2p
The chancellor has unveiled plans for a two per cent cut in basic income tax in a Budget which he claimed would "expand prosperity and fairness for Britain's families".Speaking in what is widely expected to be his last Budget, Gordon Brown delivered his 11th set of economic plans to parliament, focussing on families, business prosperity, home security and the environment.In a sweeping range of mea...
Read MoreBritons 'waste £7.9 billion' in avoidable tax
British adults are collectively wasting billions of pounds each year by paying "unnecessary" tax, it has been claimed.According to a survey from IFA Promotion, personal tax contributions from UK citizens have risen by 367 per cent in the last two decades, while 74 per cent of Britons admit to taking no steps to reduce their tax outgoings.David Elms, chief executive of the firm, said: "Since we lau...
Read More