UK Money News

Money News

18th January 2008

Awareness of life insurance 'growing'

Understanding of the importance of health and protection insurance has become more widespread, an industry expert claims.

Nick Kirwan of the Association of British Insurers (ABI) said understanding finance is due in part to financial comparisons and advice websites.

While Mr Kirwan said these sources were helpful and informative, customers unsure about their needs should speak to a financial adviser.

Recent ABI figures suggest one in three Britons do not have life insurance and a further one in three may be underinsured.

"If people are not sure about what's available, what they should choose and so on, then maybe they should [contact] an adviser," said Mr Kirwan.

"[Websites are] one option for people - and of course anything that gives people more choice about how they buy is a good thing."

The ABI represents 400 member companies and the collective interests of the UK's insurance industry.

Its members provide 94 per cent of domestic insurance services sold in the UK

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