The number of Scots taking out life insurance
has fallen to 47%, down from 54% in 2011, according to the Scottish
Widows Protection Report.
The report noted that 25% of Scots said they
are saving more than they were two years ago. However, they have
little confidence that their savings will cover them in the event
of a change of circumstances, with 58 percent believing they would
only survive financially for a short period of up to six
months.
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According to the report, the biggest barrier to protection,
especially when it comes to critical illness cover, is cost. Of
those without a policy, 17 percent say that they cannot afford
cover, and 14 percent consider it to be a waste of money, said the
report.
Richard Jones, director of protection and annuities at Scottish
Widows, said: “We can see from the findings that for many,
protecting their family is considered a luxury. We often find
that people wait for a trigger, like buying a home, to get
protected and instead will spend any disposable income left at the
end of the month on more tangible items you can see and use
immediately. However, we would firmly advise families put some
shock absorbers in place to deal with the unexpected and avoid any
hardship which could be caused as a result.”
The survey was carried out online by YouGov who interviewed
5,086 adults betweeb 4-9 January 2012.
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