Half of Brits don't have life insurance
Half of the UK population has no protection insurance at all.
And with millions of people putting the financial future of their loved ones and themselves at risk, Co-operative Insurance (CIS) is urging Britons to "dig their heads out of the sand".
The insurance provider points out that one person in three will be diagnosed with cancer at some point in their life, and that - ideally - people should have at least £150,000 of cover in place for each of their dependants.
"The hard fact is that nearly half of the UK population do not have any form of life cover in place," said Fiona Jackson, CIS head of protection.
"It is clear that people have the attitude that it will never happen to them which nowadays is a big gamble to take.
"Although people may think that a serious illness or injury will never happen to them, for what could amount to the price of a pint of milk a day . . . critical illness or income protection policy will give families peace of mind and a tax free lump sum if the worst should happen."
Currently the UK's protection gap stands at £2.3 trillion, with millions of Britons clearly unaware of their actual financial needs, CIS points out.
And to remedy this, CIS believes that personal advice from financial advisers, which has been successful in encouraging previous non-savers to get into the savings habit, could be applied to the protection market.
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