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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."

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