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Life insurance most common form of protection in UK

Date: Fri, 16 May 03 Analysis

LONDON, UK - Life insurance cover is the most widely held form of protection insurance with over two-thirds of adults in the UK possessing cover that will pay out in the event of death.

The survey, commissioned by cahoot, the internet bank, polled 1500 adults in the UK to find out the extent and reasons for investing in protection cover.

Deborah Cutler, cahoot's marketing director, commented: 'It's great news that more young people are taking control of their finances and protecting the needs of their dependents.'

The survey found that the average amount of cover a typical adult is insured for in the event of their death is £164,345.

The most compelling reason for taking out protection insurance in the age groups under 35 years-old was the importance of ensuring the financial security of their family, with over 30 per cent citing this as the main reason for taking out life cover.

The second most common reason UK adults cited for investing in protection insurance was to safeguard their income against the possibility of losing their job (16 per cent).

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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.