Two-thirds of all adults are covered under a life assurance plan, making life cover the most widely ...
Two-thirds of all adults are covered under a life assurance plan, making life cover the most widely held form of protection in the UK, according to a survey from online bank Cahoot.
However, 20% of all respondents admitted they are paying premiums without know- ing the amount for which they are covered. For those who do know the sum assured, £164,345 was the average amount a typical adult was covered for in the event of their death.
The reasons for people purch- asing protection differ according to age. A total of 30% of those under 35 were most concerned with securing the financial security of their families, while 16% were concerned with safeguarding their income should they lose their job. While job security was a major concern for many respondents, only 27% had income protection (IP) cover.
Deborah Cutler, marketing manager at Cahoot, found the survey results encouraging. 'It is great that more young people are taking control of their finances,' she said.
