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Twenty million adults in the UK are exposing themselves to unnecessary financial risks because they cannot be bothered to take out any form of life or income related protection.
Norwich Union claims that a survey of people without life insurance found that one third say it is still on their ‘to do' list or they simply haven't thought about it. One in seven say they have made other provisions, while one in ten just haven't bothered because they have no dependents and feel no need for insurance. 3% of people say they haven't purchased cover because they don't understand it.
"These findings are cause for concern as they suggest many people are taking an ‘it won't happen to me' approach to protection,” Darren Dicks, Head of Protection Marketing from Norwich Union. “There is currently a £2.3 trillion protection gap in the UK, which leaves a large proportion of the population vulnerable. Many people wait until they have a particular event in their lives, such as a house purchase or the birth of a child before they purchase life cover, but people shouldn't take the view that they need to wait."
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