Significant number of Brits 'have inadequate life insurance'

A study of personal finances has thrown up some worrying results for Brits aged 35 to 45.

A significant number of Brits don't have adequate life insurance, according to research.

The study, which examined aspects of personal finance such as savings accounts, life policy insurance and borrowing, was commissioned by F&C Investments.

The online research, that targeted 35 to 45-year-olds, found that of those who took part 22 per cent had neither a will nor adequate life insurance.

According to the findings men were more likely to have a will but inadequate life insurance, while women were more likely to have comprehensive life cover, but not a will.

Scott Stevens, head of global wholesale and marketing at F&C Investments, said: "While some of the results of this survey are encouraging, there is a real need for people in this age group to sort their financial lives out."

Last month, John Fitzsimons of lovemoney.com highlighted the importance of shopping around for the best deal when selecting such insurance, due to significant differences in monthly fees in the market.

By Mark Hornby