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Over Half Of Uk Have No Life Insurance

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More than half of adults in the UK do not have life insurance, despite two-thirds of those surveyed also having dependants, research from Barclays shows.

With half the nation financially unprotected should the worst happen, the figures further highlight the protection gap in the UK, which is projected to stand at £2.4 trillion.

Rob Clarkson, general insurance and relationships director at Barclays, says: “People have a natural blindspot around life insurance that means they often don’t want to think about it

“However, there are also some key events in their lives, like having children, which lead to taking out insurance.”

A quarter of people who did not take out insurance did so because they do not have dependants.

A total of 23% have never thought about it and 21% say it is not good value for money.

Barclays has relaunched the Simplified Life insurance product to provide customers with affordable and reliable cover.

Clarkson says: “Life insurance can be really valuable but many people are put off by the thought of it being expensive or complicated.

“We’ve taken those barriers away and made it really easy to get you and your family covered by offering a competitive and reliable product that is simple to understand and easy to buy.”

No insurance eh?

Can one get a mortgage without an insurance policy?

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So?

Insurance is a scam anyway whereby you only win if you lose. But overall you still lose. I'd like to see my theortical creditors dig me up and demand I pay my theoretical debts.

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Barclays has relaunched the Simplified Life insurance product to provide customers with affordable and reliable cover.

I had a Barclays insurance salesmen (along with bank manager) in my house quite a few years ago and he recommended I take out a £250 PER MONTH whole life policy with him (kerching!!!!).

In the end I bought cheap term assurance cover for £8 a month from a mutual.

Scammers, skimmers and scummers.................

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If you have no dependants, then life insurance is utterly pointless. If you have dependants, and they would be OK if you snuffed it (zero debt, plenty of assets, plenty of cash, then it is similarly pointless. If you're up to your eyeballs in debt and want to make sure the family is cared for if you croak, then yes, you need it.

I have a very good policy automatically via work. If I didn't have this given to me "for free", I wouldn't buy it.

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So?

Insurance is a scam anyway whereby you only win if you lose. But overall you still lose. I'd like to see my theortical creditors dig me up and demand I pay my theoretical debts.

I agree in that it is a gamble against yourself, but, you need to have life/term insurance with a mortgage, and that is an argument muddled in ideology.

So, a question; are those without insurance the those who don't have mortgages?

I think Britain claims to have 70% home ownership rate. So why are all these folks living apparently on a knife edge, as insurance is generally cheap?

Crazy sh1t.

EDIT: It is very expensive to die in Britain, and even more expensive to take a long time to die, especially for a painful death.

Edited by cashinmattress

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I agree in that it is a gamble against yourself, but, you need to have life/term insurance with a mortgage, and that is an argument muddled in ideology.

Rubbish, the only insurance that you have to have is a insurance that covers the house against fire/flodding/etc., life insurance is not compulsory.

The value of house itself is the insurance for the bank.

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No insurance eh?

Can one get a mortgage without an insurance policy?

Surely this is due to the increasing number of oldies in the population.

Life assurance is something you take out when you have debts and/or children. Our policies expire when the kids are nearly 18, and the mortgage long gone. After that we won't need it, and if we did it would be horrendously expensive.

Methinks this article is a non-story!

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EDIT: It is very expensive to die in Britain, and even more expensive to take a long time to die, especially for a painful death.

Not really, as long as you are happy with the service the NHS provides it's completely free.

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These days, I only take out insurance where it is obligatory.

So much of the premium on insurance policies goes on sales commissions, it's a joke.

When I had a mortgage, though, I always had adequate loss of earnings cover.

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It is very expensive to die in Britain, and even more expensive to take a long time to die, especially for a painful death.

That is what swiss clinics are for.

Myself family know this if I am ever ever mangled it is swiss clinic time. Even my dad who has seen relatives keep brain mangled folks alive to collect their pensions thinks it is horrible and says he'd prefer to be finished off rather than live like that.

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.

EDIT: It is very expensive to die in Britain, and even more expensive to take a long time to die, especially for a painful death.

....you need more than life insurance for the cases you mention ....health insurance critical illness cover should be added ....no ethical lender provides a mortgage without this sort of cover preferably from a third party as the cowboy high street lenders have been providing poor but expensive own products which are under investigation ....but OTOH they should be prosecuted if the have lent without proper cover .....the FSA have proved weak and this can only be to protect vested interests....time the customer was put first and the sewerage ethics hosed into the drain..... a revolution in financial services is required starting with getting rid of the current incumbents both regulatory and business ...... :rolleyes:

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To say life cover is a waste of money is ridiculously short sighted. It's true to say if you have no dependents then it's fairly pointless but if you're married and especially if you have children then providing funds for them if you die is essential unless you're very rich.

You can't possibly understand the significance of becoming a widow/widower, the stress, the massive loss, the life changing moment that'll never change back etc until it happens, and adding money worries into the mix should be avoided if at all possible.

And people die for all sorts of reasons, some of which are entirely unpredictable. It's not "betting against yourself".

Also:

I had a Barclays insurance salesmen (along with bank manager) in my house quite a few years ago and he recommended I take out a £250 PER MONTH whole life policy with him (kerching!!!!).

In the end I bought cheap term assurance cover for £8 a month from a mutual.

Scammers, skimmers and scummers.................

Do you understand the difference? Do you appreciate the different impact of taking one or the other in possible future scenarios? Comparing day 1 cost is, if you'll forgive the cliche, like comparing apples with oranges.

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To say life cover is a waste of money is ridiculously short sighted. It's true to say if you have no dependents then it's fairly pointless but if you're married and especially if you have children then providing funds for them if you die is essential unless you're very rich.

You can't possibly understand the significance of becoming a widow/widower, the stress, the massive loss, the life changing moment that'll never change back etc until it happens, and adding money worries into the mix should be avoided if at all possible.

And people die for all sorts of reasons, some of which are entirely unpredictable. It's not "betting against yourself".

Erm, this is for the unprepared. It was explained in Coupland's terrible book Miss Wyoming...

Simply the thing which you should be is prepared.

If in a marriage or some other relationship you have absolute and utter dependency on the other party then it is less of a relationship more being a parasite. And in such a relationship of utter dependency much like in nature the host dies so does the parasite.

For example on my Russian trip I set out with a wingman, I was pragmatic and said we should double up our equipment so we can split up if we need to. This came with all sorts of disadvantages weight which made off roading hard, costs since we needed duplicates of everything. We split up on day 3 of our trek which was fine as we were pragmatic.

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Keep in mind that both the NHS and median patient profile as you know it is changing. There are big, big cuts in services on the way, and the number patients in need of geriatric medicine is growing.

Canada, where I lived for a long time, used to be mostly free state health, but has long moved onto two-tier, and are ultimately on the way to a fully Americanised, private care system. We will do the same as it is simply not feasible when you have the inefficient management structure and poor quality delivery of health care that the NHS offers versus a private hospital.

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Erm, this is for the unprepared. It was explained in Coupland's terrible book Miss Wyoming...

Simply the thing which you should be is prepared.

If in a marriage or some other relationship you have absolute and utter dependency on the other party then it is less of a relationship more being a parasite. And in such a relationship of utter dependency much like in nature the host dies so does the parasite.

For example on my Russian trip I set out with a wingman, I was pragmatic and said we should double up our equipment so we can split up if we need to. This came with all sorts of disadvantages weight which made off roading hard, costs since we needed duplicates of everything. We split up on day 3 of our trek which was fine as we were pragmatic.

??

Aren't you kind of arguing my point?

Kids have "absolute and utter dependence" on their parents (although I don't know if parasites is therefore a fair description...) so making sure they can be supported and nurtured in the event of one/both parents dying is crucial. There would be considerable cost, the only way most can fund this is via insurance, and taking it out has disadvantages (cost) but, being pragmatic, many think the cost worth bearing.

Put simply, the only way for most to be fully prepared is for them to take out insurance.

This contrasts with your opening gambit of "insurance is a scam anyway" does it not?

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Put simply, the only way for most to be fully prepared is for them to take out insurance.

This contrasts with your opening gambit of "insurance is a scam anyway" does it not?

Insurance is not a suitable substitute for preparation, anyhow for children they can be taken into state care and once you're dead why would you care anyway? You're dead you are incapable of caring.

Also insurance companies will do anything and everything to worm out of having to pay for it. I remember back in my accounting days reading some of the policies people tried to claim off their taxes. Essentially unless you died in a very specific manner they would not pay out. I mean just look at car insurance, my sister's crash (hit the side of a woman who cameout of a junction) took nigh on 3 years to settle. THis was over a couple ££££

Make that £££££££ and the insurance company will worm for a long time then take HUGGE fees out of it to make it worthless.

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Do you understand the difference? Do you appreciate the different impact of taking one or the other in possible future scenarios? Comparing day 1 cost is, if you'll forgive the cliche, like comparing apples with oranges.

Sure.

I wanted to protect my kids against the financial impact of my demise before their maturity.

Barcrap salesman wanted me to sign up for £250 per month, for life, to help pay his mortgage.

I bought several hundred £ks of term cover for £8 per month until my kids reached maturity. After that they're on their own (other assets, mortgage free house, pension death cover etc etc aside).

Term cover is cheap ('cause it's rarely needed) and worth buying, everything else is a scam. Which is why banksters sell it.

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...anyhow for children they can be taken into state care and once you're dead why would you care anyway? You're dead you are incapable of caring.

You're right, I should have added that insurance is a waste of money for parents who couldn't give a toss about their kids. Sorry.

:blink:

Your comments on life insurance not paying out are also simply not true. Life insurance is almost never* argued about by insurers as it's very easy to prove the difference between 'alive' and 'dead'.

*certainly exceptions for suicide and some others, but not the the extent that you're suggesting.

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You're right, I should have added that insurance is a waste of money for parents who couldn't give a toss about their kids. Sorry.

Most people don't, if they did why do so many go to state schools? Why are so many of them conceieved into this harsh barren wasteland of a society where they will be perpetual debt slaves?

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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