Financial websites increased awareness of need for life insurance

Financial websites have helped raise awareness of the need for consumers to take out life insurance, according to insurance experts.

The Association of British Insurers (ABI) said that websites are useful for those consumers who know what sort of life insurance policy they need.

Those that are not aware of the products available should speak to a financial advisor says the body.

However, Nick Kirwan, head of health and protection insurance for the ABI, said: “Anything that helps to spread the message among consumers and provide choice to people… has to have contributed in some way to helping raise awareness.”

The ABI estimated that one in three Britons have no life insurance – and a further one in three have not renewed their life insurance cover for five years, so may be underinsured.

Meanwhile, back in 2005 the Telegraph reported that Swiss Re, the world’s largest life and health reinsurer, estimated that there was a £2.3 trillion ‘protection gap’ between the expenses of UK families and what was actually covered by life insurance policies.

Tags: trillion, Association of British Insurers, policy, advisor, websites increased awareness, business