Your phone or your life – Brits opt for their mobile

Little has changed to suggest Benjamin Franklin’s quote more than 200 years ago is out of date and yet today, more than half of Brits (54%) have no life insurance cover, according to the results of the Protection Survey from Friends Provident, the FTSE 100 life and pensions company.

Instead Brits clearly show where their priorities lie with only 6% being prepared to accept only free life cover in exchange for their mobile phone. And yet, more than 27% would opt to buy life insurance cover if they had £5 per month to spend on insurance.

For the 46% who do have life insurance, it is reassuring to note that when considering buying life insurance 69% take professional advice by consulting a financial adviser or conduct their own research using the internet or newspapers.

Mark Jones, protection products and actuarial manager at Friends Provident, said:“Life insurance is the most basic form of protection you can get – and it plays such an important role in providing for your family and loved ones, very often at a time of absolute need.“Understandably, none of us really want to think about our own mortality, but we do owe it our families to ensure that we have made provision – be it to pay off the mortgage or provide a lump cash sum. Let’s hope in a year’s time, these figures for those with life insurance show a big increase.”

‘In this world nothing can be said to be certain, except death and taxes’ Benjamin Franklin 1789.