Barclays: Brits make "worrying" cutbacks on insurance

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Barclays: Brits make "worrying" cutbacks on insurance

Wed 26th Nov 2008

Barclays has published a survey which reveals that vital insurance policies such as life insurance have slid down the list of people's priorities as the recession bites, meaning many Brits are now not covered.

According to the survey over half of people in the UK have no life insurance cover, while two-thirds of the population have not critical illness cover.

Barclays Financial Planning head of customer and proposition Alison Tattersall said that while it was understandable that people did not want to discuss death or serious injury, the situation was "worrying".

She added: "People must consider the financial consequences of what would happen if they were unable to work, or their dependents' situation if they died."

Recently, a survey showed that Brits were also cutting back on pension contributions because of the credit crunch.

Prudential, which conducted the study, said that such cutbacks could have serious, long-term consequences for people's quality of life.

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