The amount of life cover held by UK consumers needs to double, according to a report from Swiss Re ...
The amount of life cover held by UK consumers needs to double, according to a report from Swiss Re Life & Health. The report, Whose Risk it is Anyway?, states an extra £2 trillion is needed to plug the current gap in protection.
The report suggests the reach of financial products is extended to 'financially excluded' consumers. Affordability of financial protection, access to financial advice and confusion over the range of products available were also highlighted as key obstacles to purchasing cover.
Commenting on the research, Ron Wheatcroft, technical manager at Swiss Re Life & Health, called for the Financial Services Authority (FSA) to highlight the need for life cover.
'The FSA has brought to light the savings gap, but if protection is not seen as part of the scale, customers may decide savings are more important. It is essential the protection gap is also highlighted and addressed,' he said.
