Why do a number of families in the UK not have life insurance?

Why do a number of families in the UK not have life insurance?

It would seem that many of us don’t realise just how valuable we are – especially to our families.  Currently in the UK, about one third of families don’t have any kind of cover in place should the worse happen.

While starting a family can often be a good reason to get life insurance sometimes there’s simply too much going on to think about it.

In today’s blog, The Cheapest Life Insurance takes a look at the statistics and tries to offer some reasons why people haven’t taken the plunge and got themselves covered.

Millions of people don’t have any kind of life insurance, according to the Association of British Insurers.

The main reason it seems is down to the expense of it.  However, is this a skewed image of life insurance and it’s actual costs?

For some people they’ve had it but perhaps a change in mortgage due to having a bigger family has meant they’ve had to cut costs somewhere.  Whether this is sensible or not is really down to the individual but one thing is for sure.  Without any kind of life cover there’s no pay out should you die, which could leave your family struggling financially trying to meet the mortgage payments anyway.

So what’s the answer?

Any kind of life cover – however small could provide a lifeline to those you love most should you die, which at least means a bit of support in the early days.

Budgeting counts

What’s really important is budgeting.  While your income might be tight and perhaps even doesn’t appear to allow you any kind of room for spending out on life insurance, it’s a good idea to take the new year as a time to evaluate where your money is going.

If you don’t have a policy and you’re one of the millions with no cover, it might be an idea to sit down and work out if you’ve got any surplus income.  You can then look for quotes based on that budget and still get some kind of life insurance cover.

 

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