Barclays highlights protection gap

60% of UK adults do not have life insurance, according to new research from Barclays.

The main reasons for not taking out life insurance were the increasing pressures on household expenditure and needing to cut back (42%), separating from a partner (27%) and a quarter believing it’s a waste of money.

Barclays is encouraging customers to review their protection needs and is offering three months cashback to customers who purchase a life insurance policy between 21 April and 1 June 2012.

Kieran Murphy, managing director, Barclays Insurance said: “Many people have a natural blindspot regarding the financial security of their dependents should they unexpectedly not be here tomorrow. However, it’s really important people consider how their dependents would cope financially should the worst happen.

“Life insurance and knowing your family are protected is really valuable and obtaining the right level of cover needn’t be too costly. We know that household budgets are really tight at the moment, but it’s important that protection needs don’t slip down the list of priorities.”