More value placed on personal appliances than on life cover

A recent study has indicated that people in the UK place more value on their electric gadgets than on themselves

. People living in Britain have been found more likely to take out insurance cover on their electrical goods and home contents, than they are to protect themselves, according to an independent research study that has been conducted on behalf of a life insurance provider. With Christmas now in the past and all the presents opened, the average contents value of a home increases. With this increase, it has been noted that as many as five out of seven - 71per cent - Britons included in the survey, have contents insurance on their properties. Cover for gadgets Twenty-three per cent of the respondents have insurance against an electrical appliance breaking down. However, this is in huge contrast to the number of people who have certain types of personal protection. While almost a half - 44per cent - of the respondents have life insurance cover, only 15 per cent have critical illness cover, to provide a lump sum or income should they or their partner get a critical illness and be unable to maintain an income. The study, which was undertaken by the market research specialists Ipsos MORI, was conducted to look into the changing lifestyles and attitudes of the UK population. It revealed that just nine per cent of people have income protection insurance and even fewer, only five per cent, have unemployment benefit. It also shows that one in nine or 11 per cent of the respondents have personally funded private health insurance. Reasons for shying away from cover The most common benefit to taking out a life insurance policy is that it can provide a lump sum of money or income, should you become critically ill or die. However, forty four per cent of the respondents involved believe that an insurance policy is too expensive to take out. This is followed by around one in eight - or 13 per cent of respondents - who think a life insurance policy is not necessary as they have savings. Susan Barclay, Head of Marketing at the group, said: "It is great to see that people are taking out adequate insurance to cover the items in their homes, especially in the run up to Christmas when people are making lots of purchases." She also added: "However, this should not be at the expense of personal cover. Despite the fact that almost a half of the respondents perceived personal insurance as too expensive, people need to be aware that life protection can be bought from as little as 10 per month, and extras such as critical illness cover can be added for around 17 extra a month." She concluded by saying: "While many people think that their savings will cover them, should they fall critically ill and are unable to work, the financial impact can run into thousands of pounds. It is vital that consumers take out suitable protection in order to provide for themselves or their loved ones if the worst happens."

More value placed on personal appliances than on life cover

By: Ruth

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