Scots are more likely to have a life insurance or critical illness policy in place than those from other parts of the UK, a recent survey by insurer and pensions provider Scottish Widows showed. The poll conducted by the insurer showed 54 percent of Scots have life insurance, 10 percent more than the national average.
Lon and the south and south-east part of the country are at the bottom of the chart with only 41 percent individuals having life insurance. The south and south-east fared badly in terms of critical illness products as well with only 11 percent owning such protection. However, Wales was at the bottom of the chart with just 10 percent population owning CI protection.
Only 7 percent of the population in the country owned income protection products. Ironically, 15 percent of the population decided to buy insurance products for their pets.
“While the research shows a low take-up of life insurance, critical illness and income protection products in general across the UK, including north of the border, it is interesting to see individuals in Scotland seem to be more inclined to protect themselves and their families than other regions in the UK”, said Clive Ellison, market director of protection at Scottish Widows.
“If we single out life insurance, the awareness among individuals is far higher than critical illness and income protection, partly due to the product being offered when individuals purchase a home”, he reasoned.
“And if we look at the vast difference of take up of life insurance in Scotland compared to other parts of the UK, especially the south and south east, we can put much of this down to the fact that more Scots own their own home compared to say, London where more people will be renting”, he explained.
“However it cannot be underestimated how important it is for people to have protection in place to protect their rent if the unexpected were to happen”, he added.