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Customers over-estimate cost of life insurance
28 August 2008
A new study has found that many people are not getting life insurance because they believe it is too expensive when in reality it is cheaper than they think.
Research by Legal and General revealed that 65 per cent of people over-estimated the cost of taking out £150,000 worth of life insurance while 35 per cent over-estimated the cost of adding a critical illness option to that life cover.
Karen Blatchford, commercial director for housing at Legal and General, said: "Life cover can start from as little as £6 per month, which even families on a very tight budget may be able to afford."
According to Ms Blatchford, most families would really struggle if there was an unexpected drop in the household income so it is important to get life insurance.
"People may wish to consider covering not just their mortgage debt, but their family expenditure and bills," she added.
Legal and General found that just 38 per cent of the 1,964 adults they surveyed had life insurance.
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