Scots most likely to have life insurance

New research has revealed that Scots are the most likely to have life insurance or critical illness cover.

The study by Scottish Widows found that 54 per cent of Scottish people have a life insurance policy, compared to 44 per cent elsewhere in the UK. The UK regions with the lowest uptake of life insurance were found to be the South and South East, where just 41 per cent have a policy.

Scots are also more likely to take out illness cover, with 15 per cent taking out a critical illness policy, compared to an average of 12 per cent elsewhere. The take-up of income protection products was found to be low across the UK, with just seven per cent having a policy and the Scottish average being only marginally higher at eight per cent.

Clive Allison, Market Director of Protection at Scottish Widows, explains that more people may have life insurance than critical illness cover because it’s offered to them when they buy a home. He said that this could account for more Scots having the cover than Londonders, as they’re likely to own their own home, whilst renting is common in London.

However, he commented, “It cannot be underestimated how important it is for people to have protection in place to protect their rent if the unexpected were to happen.”