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Also consider critical illness cover. Critical illness cover is a long-term insurance policy that's designed to pay you a lump sum on diagnosis of a varied range of seriously incapacitating or life threatening conditions such as loss of limbs, heart attack, stroke, cancer, blindness and many more.
You can use the payout for anything you wish including medical treatment or to pay off your mortgage.
Research highlighted by Barclays raises concerns that nearly two thirds of adults in the UK do not have life insurance, which could mean that Britain is facing a protection gap in the UK insurance market of GBP2.4 trillion.
According to new research by Barclays, the main reasons for not taking out life insurance were the increasing pressures on household expenditure and needing to cut back (42%), separating from a partner (27%) and a quarter believing it's a waste of money.
Barclays Insurance said: "Many people have a natural blind spot regarding the financial security of their dependents should they unexpectedly not be here tomorrow. However, it's really important people consider how their dependents would cope financially should the worst happen.
Adults are more likely to protect the health of their pets than other family members, according to new research. Fewer than one in 10 people, some 4.5m adults, have critical illness cover – which pays out if you are diagnosed with a serious illness, such as cancer, stroke or heart attack. In contrast 5.9m people have taken out insurance for their pets... More
New research shows we're more likely to insure our mobile phones than to take out life insurance to protect our families. Of course, we know this does not mean people love their gadgets more than their families, but when it comes to facing up to more significant responsibilities, many people shy away from entertaining thoughts about dying or serious illness... More
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