Protection  

Mas and ABI team up on protection campaign

Mas and ABI team up on protection campaign

The Money Advice Service and the ABI have teamed up to encourage people to take out insurance.

Research by Mas showed only one in three people has a form of life insurance as cover, while one in five adults knows someone whose standard of life was severely impacted due to not having protection insurance.

Andy Webb, money expert at Mas, said: “The research highlighted that there is a big gap between the number of people who experience financial shocks, and those who protect their lifestyles by either saving for a rainy day or considering the relevant protection insurance.

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“We never know what is just around the corner, but it is important for consumers to have all the information they need to plan ahead for how they would cope financially should the worst happen.”

The biggest reason for not taking out insurance, according to the Mas survey, was because people felt they couldn’t afford it – a response given by 28 per cent of people.

Dean Lamble, managing director at SunLife, said: “As an industry we need to make protection more accessible so that more people realise they can afford it.”

Adviser view

Marvin Evans, financial adviser with Gloucestershire-based Old Bank Wealth Management, said that the Mas/ABI campaign “is a good idea, but it is a question of how you get it across. Perhaps it is down to education in school.”