Â¼ without insurance in Britain

By MoneyhighStreet Staff. Published on November 12, 2008 This post currently has no comments.

Finance
Nearly one quarter of Britons are leaving themselves exposed to risks by foregoing particular types of insurance, new research shows.

A survey by Fair Investment found that 24 per cent of consumers questioned did not have life, home or medical insurance.

The most commonly held insurance was home insurance, held by nearly two-thirds (62 per cent) of respondents.

However, three quarters admitted to not having travel insurance, which was described as "concerning" by a spokesperson for the company.

Fair Investment''s Rachel Stiles said: "As budgets get tighter, I can understand why Brits are cutting back, but insurance should be one area that is sustained.

"Particularly when it comes to travel insurance because it makes sense to pay a small one off premium for cover rather than having to shell out for hefty unexpected costs like medical expenses, lost luggage and replacement flights."

Unsurprisingly, older respondents were found to be more likely to have taken out a life insurance policy.

More than half (53 per cent) of 51 to 55-year-olds polled were found to have life insurance cover, compared to just ten per cent of 19 to 20-year-olds.

Overall, payment protection insurance was found to have the lowest uptake, with just 12 per cent of those surveyed with this type of cover.