Brits lacking life insurance

Brits lacking life insurance

Over half of Brits do not have life insurance, new data has revealed, which may affect older people looking to find a care home.

According to the study by Scottish Widows, just 44 per cent of people have a life insurance policy in place.

The cost of such policies was revealed to be the main reason people opt to go without life insurance, although 97 per cent said they understood how it would help their families.

Additionally, just 12 per cent of Brits were found to have taken out critical illness cover, with only seven per cent obtaining income protection insurance.

Clive Allison, market director of protection at Scottish Widows, said: '"The industry still needs to do more to highlight these benefits to ensure take-up increases, especially in an environment where welfare provision is being eroded, and the government is promoting the need for greater self-reliance."

In other news, shadow health secretary John Healey has announced that Labour party policy relating to older people is to be reviewed.

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