Horsham, West Sussex United Kingdom (PressExposure) June 04, 2011 -- Merrywood Life, a UK based life assurance broker, comments on recent research by Scottish Widows which identified that 28 million Britons lack life insurance.
One of the key findings in the research is that many Britons believe that they cannot afford a life insurance policy even though they understand its importance in protecting their family's welfare, with twenty-three percent of respondents saying this was the main barrier for them to purchase life insurance, and twenty-six percent saying cost stopped them from taking out critical illness cover.
Instead, people rated other things as being more important, with sixty-nine percent of people saying broadband was essential to them; compared with just thirty-five percent who said ensuring they were financially secure if they could not work was a top priority.
When asked how they would cope if they or their partner lost their income, forty-four percent of people said they would have to make cuts to their general expenditure. A further forty-three percent of people said they would rely on their savings to cover their costs, but the majority admitted that they had less than £2,500 set aside or had no savings whatsoever.
"We as an industry still need to do more to highlight these benefits, especially in an environment where welfare provision is being eroded, and the Government is promoting the need for greater self-reliance," commented Richard Sawyer of Merrywood Life. "At Merrywood Life, we can help those without life insurance or critical illness cover to compare the market and get the best quote to suit them. Whether under or over 50s cover, or however tight your current budget, we can help families and individuals to get insurance for the best possible price and get essential protection."
For more information on Merrywood Life's life insurance quotes, please visit [http://www.merrywoodlife.co.uk/] or call 0845 5576022.