New research reveals that 28 million Brits don’t have any life insurance in place, leaving their loved ones vulnerable to financial insecurity if something were to happen to them. Despite 97% being aware of life insurance and the importance of having it, it appears that many UK adults are shunning protection products including life insurance, critical illness cover and income protection products.

Almost a quarter of the UK population (23%) say that they cannot afford life insurance, yet 69% said their broadband was essential to their day to day living, with 55% stating their mobile phone as being completely essential. Just 15% of respondents said they would consider cutting back on broadband internet access, whilst a fifth said they would be prepared to cut back on critical illness and life insurance.

More people insure their pets (15%) and mobile phones (13%) than they do their income in case of ill health (12%). When faced with the loss of their or their partner’s income, 44% would make cuts to their expenditure and 43% would delve into their savings – despite 41% of the UK having less than £2,500 in savings or not knowing the amount of money in their savings.