Britons 'underinsured' for life cover

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Britons 'underinsured' for life cover

Many British people do not have enough life insurance cover, according to Nick Kirwan, head of health and protection insurance for the Association of British Insurers (ABI).

He explained that "there is a very big shortfall" in the amount of life insurance cover many Britons require.

"Most people take out their life insurance when they take out their mortgage," he explained, adding that taking on a large amount of debt helps remind people of their financial responsibilities.

Another event which recalls the need for life insurance is when a person starts a family, Mr Kirwan explained, though he admitted that it is more difficult to advise people at this particular time.

While financial advice may be easy to obtain while taking out a mortgage, "there's no financial adviser present at birth", he remarked.

Research from the ABI found that one in three Britons do not have any life insurance cover at all.
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