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Britain facing life protection gap

25th April 2012 Print

Nearly two thirds (60 per cent) of adults in the UK do not have life insurance, which supports the view that Britain is facing a protection gap in the UK insurance market of £2.4 trillion.

According to new research by Barclays, the main reasons for not taking out life insurance were the increasing pressures on household expenditure and needing to cut back (42 per cent), separating from a partner (27 per cent) and a quarter believing it's a waste of money.

To help customers better protect themselves financially, should the worst happen, Barclays is encouraging customers to review their protection needs and is offering three months cashback to customers who purchase a life insurance policy between 21 April and 1 June 2012Reventon.

Kieran Murphy, Managing Director, Barclays Insurance said: "Many people have a natural blindspot regarding the financial security of their dependents should they unexpectedly not be here tomorrow. However, it's really important people consider how their dependents would cope financially should the worst happen.

"Life insurance and knowing your family are protected is really valuable and obtaining the right level of cover needn't be too costly. We know that household budgets are really tight at the moment, but it's important that protection needs don't slip down the list of priorities."

Barclays Life Insurance provided by Aviva is a comprehensive policy, providing customers with affordable and reliable cover, with a number of additional features:

Simple, great value life insurance from Aviva pays a lump sum of up to £500,000

16 per cent discount when you buy online, in addition to the three months cash back offer - apply online and be covered in just 15 minutes

Choose either level term or decreasing term cover

Monthly premiums from only £5 a month (just 17p per day)

A 35-year-old non-smoking woman could pay £13.18 a month for £250,000 of level term cover for 25 years

Your monthly premiums stay the same throughout the life insurance policy term

For more information, visit