Financial Responsibility

Brits stake claim for financial responsibility say L&G

Very interesting report from Legal and General.  If you need advice, we can obviously help you to make a Will, but we also know lots of Financial Advisers who can help with the life insurance aspect.  According to L & Gs Financial Responsibility Report.

– but a third have no provisions in place for after they’re gone, says new Legal & General Life Insurance research

–  30% of respondents said that nothing would make them more financially responsible

65% of Brits describe themselves as either “quite” or “very” financially responsible, yet two thirds of people in the UK (63%) have no will, and nearly a third (29%) have no provisions in place in the event of their death, a new survey from Legal & General Life Insurance has found.

The survey of 2000 consumers across the UK was carried out as part of Legal & General Life Insurance’s Simple Things campaign. The campaign aims to raise awareness about life insurance, highlighting that it isn’t as daunting and complicated to understand as people think.  Simple Things also aims to show families that taking out cover can give them the peace of mind that allows them to enjoy life’s simple pleasures.

Other significant findings of the research include:

  • ·         Brits understand the benefits – over half (57%) of respondents know that the main benefit of having life insurance is to financially protect their families in the event of their death;
  • ·         Will it happen to me? – the L&G research also revealed that suffering a serious illness is the single event most likely to make people more financially  responsible, though only 13% of those surveyed had critical illness cover in place;
  • ·         Come what may – one of the most worrying findings was that 30% of respondents said that nothing would make them more financially responsible;
  • ·         Younger than you think – Brits underestimate the age at which critical illness is likely to strike. 29% of Brits think 61+ is the average age for a critical illness claim and 32% think its 51-60. In reality, L&G Life Insurance research shows that 48 is the average age when people make a critical illness claim

John Hyde, Marketing Director  at Legal & General Life Insurance said:

“These results suggest that many people are falling into the ‘it won’t happen to me’ trap when it comes to planning for the future.  Making sure you have adequate provisions in place both for yourself and your family should the worst happen is a responsibility we all share. The fact that almost a third of people wouldn’t consider becoming more financially responsible is worrying and highlights the need for greater awareness around the importance of life and critical illness cover.”

Hyde continues:

“There needs to be a shift in attitudes towards adequate protection, and this is something that we’re trying to help change  with our Simple Things campaign.  The aim of this campaign is to help the British public to understand that being financially prepared for the future is a vital part of enjoying life to the full every day.”

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