Barclays: Insurance could be out of date for many Brits

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Barclays: Insurance could be out of date for many Brits

Mon 12th Jan 2009

Many Brits could be labouring under the illusion that they have adequate life or income protection insurance when in fact their policies have been invalidated, research released by Barclays has revealed.

The bank found that as many as ten million people in the UK may not have adequate protection, as life-changing events such as buying a house, having a child or changing jobs require updated insurance policies, a fact which Brits often overlook.

David Stuart, director of advice and products at Barclays Financial Planning, described the statistic as "worrying".

He added: "Our research seems to show a big gap in peoples' understanding of their cover, which could create a false sense of security for thinking they have taken care of protecting their family and finances, when the reality if they made a claim could be quite different."

Zurich released research recently which showed that many single people do not have any income protection insurance, despite the fact that they may need it most as they do not have a partner to provide for them if they lose their job or become incapacitated.

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