Less than 50% of UK population own life insurance policy

A new survey has revealed that a staggering 56% of the UK population don't own any kind of life insurance policy. The figures come in spite of 97% admitting they know what life insurance is and how important it can be. The statistics from Scottish Widows also show that just 12% of the population have taken out critical illness cover, while just 7% have taken out income protection insurance. Lack of finances was found to be the biggest reason for people failing to take up a policy, with 23% saying they didn't have the money to take out a life insurance policy and 26% saying the cost stopped them from acquiring critical illness cover.