Less than half of adults in the UK currently have a
life insurance policy, new figures have indicated.
According to recent research commissioned by Confused.com, just 40 per cent have life cover, while 35 per cent of those without a policy were also found to have children.
Furthermore, just 30 per cent of those who have taken up life cover have ever switched their insurer, meaning the remainder could potentially be paying too much.
The study revealed that around 35 per cent of those in the south-east of Britain had switched their
life insurance policy at some stage, while just one in four in the north-east had done so.
Matthew Lloyd, head of
life insurance at Confused.com, expressed concern at the findings, and urged more people to purchase such cover.
"It's worrying that so few people have a
life insurance policy, and equally worrying that so few have switched provider," he said.
"The fact that so few people with
life insurance have ever switched provider suggests that they may not be reviewing it either, making regularly monthly payments and forgetting about it."
