Life insurance deemed too expensive

Thu, 28 Aug 2008

Despite life insurance being at its cheapest level for years, millions of Brits are reportedly opting out of this type of insurance cover because they believe the costs are prohibitive.

A new study from Legal and General indicates that 65 per cent of respondents overestimate the cost of a life insurance policy . Previous research by the insurance company indicated that 38 per cent of the population have a life insurance policy.

The commercial director for housing at the firm, Karen Blatchford, was reported in the news as commenting: "Life cover can start from as little as £6 per month, which even families on a very tight budget may be able to afford. We're concerned that two-thirds of people are over-estimating the costs of protection. People may wish to consider covering not just their mortgage debt, but their family expenditure and bills."
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