Post Office exposes life cover shortfall

13/08/2008

Average net worth among individuals comfortably exceeds average life insurance cover, the Post Office said today.

According to new analysis from the organisation, a typical Brit has assets of around £350,000 - more than double the total of the typical life insurance policy.

Moreover, a separate poll from the Post Office shows that just 25 per cent of people have taken out the insurance in the first place.

Around one in four of those who did not have life insurance said that they could not afford it.

Post Office head of protection Duncan Caesar-Gordon said: "Regardless of the average UK adult valuing their life at £350,000, which is over double the average life insurance policy, it is worrying that so few people have taken measures to protect themselves.

"What is interesting is the calculation that people make when working out how much their life is worth. What people need to consider is a lump sum of money that will help their loved ones pay towards something like a mortgage, should the worst happen."

Tags; Budgeting Advice,

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