Lack of optimism may affect life insurance uptake
14 January 2010 16:36:32
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| Life insurance may be neglected amid economic pessimism. |
In its latest Savings and Protection survey, the ABI found that optimism over the country's economic prospects fell significantly during the final three months of 2009.
The poll, which questioned 2,500 adults, also revealed that only 39% of people felt optimistic about the economy in 2010, down from 52% in the previous three months.
Dr Rebecca Driver, director of research and chief economist at the ABI, confirmed that consumer perceptions of the economic outlook and individuals' own job security have "deteriorated".
"Seven in 10 people feel that they would cope badly financially if they lost their job, with four in 10 admitting that they had not made adequate financial provisions to enable them to cope with a large, unexpected expense," she revealed.
The survey also found that 12% of respondents once held life insurance, but had let their policy lapse.
Common reasons for no longer holding protection products included rising costs (30%), needing the money for something else (19%) and the belief that they no longer needed to insure against that particular risk (23%).
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