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13 Aug 2020

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Life cover vital, but many still without protection

Life cover is a vital expense that consumers should have in place to not only ensure their dependants' financial future is protected, but to also give themselves peace of mind, it has been stated.

Despite the fact that an increasing number of people are purchasing life cover, many are still being prevented from getting the right cover because of complicated and time consuming processes, reports the Independent.

To solve this problem it is vital for industry players to ensure that consumers understand what products are available and what exactly they do, according to Andy Gadd, head of research at Lighthouse Group.

He is quoted by the publication as saying: "There are still plenty of people who have no idea what life insurance does or the benefits of various policies.

"For those that do apply, the size of the application form requesting detailed medical histories can put them off."

According to figures from the annual Term & Health Watch report by Swiss Re, there was nearly a 30 per cent growth in 2008 as 282,438 new life insurance policies were purchased in the UK.

However, there are still many people without cover and the recession is preventing them from getting protection, while at the same time causing some to cancel or fail to renew their premiums.

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Life cover vital, but many still without protection