More Scottish people take out life insurance, study reveals

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More Scottish people take out life insurance, study reveals

Fri 3rd Jun 2011

People contemplating taking out life insurance could be interested in results from a recent survey conducted by Scottish Widows.

The investment company has released figures that revealed more Scottish people take out life insurance than individuals from the rest of the UK.

Carried out as part of the Consumer Production report, the study showed that 54 per cent of Scots have life insurance, which is ten per cent more than the UK average.

People in the south and south-east of England showed the lowest rates for policyholders, with only 41 per cent taking out the financial service.

Findings also revealed that 15 per cent of Scottish participants had critical illness cover, more than the UK average of 12 per cent.

Clive Allison, market director for protection at Scottish Widows, acknowledged that the majority of people in the south rent their homes, which suggests they may not have been offered the policy.

But he 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."

Meanwhile, as part of a recent study the company revealed that 33 per cent of households in the UK would face financial hardship if they lost their main income.

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