LV= endorses life insurance

Monday, 29 June 2009 12:00

LV= is highlighting the importance of life insurance as a new survey reveals four per cent of the nation has no policy to protect themselves.

The insurer discovered three times more people had pet insurance than income protection cover and just one in ten had critical illness protection.

Its survey, which aimed to identify people's priorities in the current financial climate, found only a third of adults had a savings account to provide a safety net.

And 25 per cent of those interviewed admitted they had cut their insurance or started using their savings to make ends meet.

Mike Rogers, chief executive of LV=, said it was a concern that more people had pet insurance than life cover.

He added: "Ideally people should protect all of the important things that they love in their lives, but our study shows their actions don't match their words.

"Whatever the reason, now is the time for people to review what financial protection they have in place to cover their key life priorities, and take action to bridge any gaps."

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