Scots more likely to take out life insurance than anyone else

Scottish Widows - There is Room for Growth in Life and CI Protection Market

Scottish Widows – There is Room for Growth in Life and CI Protection Market

A recent survey by investment company Scottish Widows has thrown back some interesting results with regards to those taking out life insurance.

The life insurance providers have found that Scottish people are more likely than anyone else in the UK to take out life insurance with Scots looking after their families.

The survey, which Scottish Widows carried out as part of their Consumer Production report, showed that 54% of adults in Scotland have life insurance, a huge 10% above the UK average.

The south and south-east of England saw the lowest rate of policyholders, with just 41% having life cover.

Scotland was also top of the critical illness insurance table, with 15% of Scots taking out the cover, compared with the UK average of 12%.

Market Director for Protection at Scottish Widows, Clive Allison admitted that the results were skewed because of the number of people who rent house in the South. Many people aren’t offered life insurance until they purchase a house.

Allison added, “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.”

The survey also revealed that 33% of the UK would face financial hardship if their main earner lost that income.

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