Two Thirds 'unwilling To Take Out Protection'
Over two thirds of people would not take out protection in the future despite being pessimistic about the current and future economic climate, research by the Association of British Insurers (ABI) suggests
The survey of 3,624 adults found that 92% think the economic environment is worse now than it was a year ago and 82% expect the economic environment to worsen over the next 12 months.
However, just 31% of respondents said they would be willing to take out protection in the future.
Half of respondents had life cover, but 39% did not have life, payment protection, income protection or critical illness insurance.
When asked how they would make ends meet in the coming months, 62% said they would reduce expenditure on non-essential items, 18% said they would spend existing savings and 22% said it would not be a problem.
Nick Kirwan, assistant director of health and protection at the ABI, said: "It is worrying that so many people are not prepared to look at taking out protection insurance, even insurance which covers redundancy given the uncertain economic outlook. It's clear that we need to work harder to get the message across about the peace of mind and value that having the right protection insurance gives individuals and families."