UK Citizens Shy Away From Insurance

Article published on 23rd May 2008

Britons face financial ruin if we were ever to face a natural, or unnatural, disaster of any real magnitude. Aside form the obvious damage to our living environment and economy that a large natural disaster would bring, recent research by the Norwich Union shows that 50% of Britons have no life insurance with another 33% having no savings whatsoever. Added to this, the Government's own figures show that 75% of households in the UK have a mortgage to meet.

Another 45% of respondents to the Norwich Union's research stated that they would not know how to cope with an unexpected bill of £1,000 or more and would probably fall back on borrowing the money from whatever source in order to cover it. While a mere 16% of respondents said that they had plans in place to mitigate against unexpected eventualities.

This shortfall in the insurance cover and long term financial savings of half the British population has prompted the insurance industry to renew their to encourage uninsured British citizens to think about their futures.

A Norwich Union spokesperson has said: “We may not want to think about the unexpected but it can be comforting to know that if the worst happens our loved ones don't need to worry.”

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