August 18, 2008
Millions of people fail to take out life insurance
The Post Office has reported that millions of British consumers are failing to take out life insurance cover and this has resulted in their families facing unnecessary financial risk. The report revealed that around 36 million UK citizens have not sought to obtain life insurance cover. Nearly 30% of those surveyed stated that life insurance products were far too expensive.
A senior Post Office representative said that the fact that people don’t feel the need to take out this type of insurance, reflects a worrying trend in the market.
Unfortunately, people are not taking into account the fact that insurance cover will ensure that their loved ones will not have to suffer financial hardship if they pass away.