Two-thirds without life insurance despite health worries

23rd May 2018

A recent ‘Health, Wealth and Happiness’ report1 shows that poor health (29%) and concerns over family members’ health (24%) top the list of things likely to impact happiness, above the sudden death of a family member or friend (24%), terrorism (23%) and the impact of Brexit (17%).

Despite health worries topping the list of concerns expressed, 57% of respondents haven’t taken out life insurance, with a further 11% not sure whether they have or not. This is particularly worrying when you consider how many of these people are likely to be homeowners who have mortgages.

Life insurance can be a financial lifeline at a sad and difficult time, paying off a mortgage if the borrower were to die. Critical illness cover can pay out a lump sum on the diagnosis of a serious illness as defined in the policy.


Protection policies don’t just pay a lump sum on death or the diagnosis of a critical illness, they can also help provide an income for families hit by an accident, sickness and unemployment, help parents pass their wealth on to future generations, and can have a major role to play in Inheritance Tax planning too. A payout from a policy could make the difference between your loved ones facing a financial struggle at a challenging and emotional period in their lives, and being able to maintain the sort of lifestyle you would want them to enjoy.


With state benefit provision representing merely a basic safety net, how would you pay the bills if you were sick or injured and couldn’t work? If the unexpected were to happen, how would you and your family manage financially? Coping with a long-term illness or injury can be stressful enough without the added pressure of money worries. Taking out an income protection plan offers peace of mind and security for your family, and means that you would receive a regular replacement income every month for a defined period of time.


With so many different types of policy available it can be hard to know which one is right for your circumstances and offers the best value for money. That’s where we can help.

1 LifeSearch, 2017