UK under insured and overpaying on life cover – confused.com

Less than half the adult population have life insurance cover, and few have ever switched their life insurance provider, meaning that as a nation we are under-insured and could well be over-paying for inadequate cover, according to new research.

A survey by Confused.com has found only 40% of the population have a life policy, with the majority of those without (69%) married or in a relationship, 35% have children.

Of those with cover, only 30% have ever switched providers; men are more likely to switch provider than women - 35% of men had switched provider compared to 29% of women.

Regionally, the South East is most active where 36% of people have switched. The North East is the worst region for switching where just one in four have made a change;

Those in the East Midlands were best covered with 53% having policies, compared to Northern Ireland, the worst region, with just 35% choosing to protect their loved ones;

Commenting, Matthew Lloyd, head of life insurance at Confused.com, said: "It's worrying that so few people have a life insurance policy, and equally worrying that so few have switched provider. The fact that so few people with life insurance have ever switched provider suggests that they may not be reviewing it either, making regularly monthly payments and forgetting about it."