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April 25, 2012updated 13 Apr 2017 8:45am

Decline in Scots taking out life insurance

The number of Scots taking out life insurance has fallen to 47%, down from 54% in 2011, according to the Scottish Widows Protection Report 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.

By Ronan Mccaughey

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.

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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