And despite almost three quarters of property owners (72%) without adequate cover admitting that they’d lose their home in the wake of family tragedy, the average payment for term assurance is just £2.10 per week – the price of a pint.
According to the research commissioned by Friends Provident, the FTSE 100 life and pensions company, the top reason for not having cover was a belief that it is an unnecessary expense.
Nearly a third of people without life insurance (31%) said they didn’t need term assurance while almost one in three (30%) revealed they would find it difficult to meet the payments. One in ten homeowners (11%) admitted they were willing to
gamble with their family’s financial security while 5% pleaded ignorance to the mortgage protection product. And in spite of the capital’s inflated property prices,
Londoners are the least likely to have term assurance (30% not covered) while Scots are the most likely to have organized cover to pay off mortgage debts. (only 14% not covered).
· One of the UK’s leading financial services groups
- A FTSE 100 company with market capitalisation currently around £3.3 billion
- Comprising two core businesses (Friends Provident Life and Pensions Limited and 51% ownership of F&C Asset Management plc) a top ten UK life and pensions player and a top five UK asset manager, both with a growing European presence
· Emphasis on service
- Five Star awards for Life and Pensions service – the highest of any UK listed life and pensions company – and for E-commerce (source: 2004 Financial Adviser Practiv Service Awards)
- Member of the Raising Standards Quality Mark Scheme
· Leading-edge systems
- Single-platform system capable of accommodating high volumes, cost effectively
- Automated interface with back-office IFA and third party systems
- Won all major relevant awards in 2004 for E-commerce and Technology
· Fast-growing
- Market share (UK life and pensions) has increased 27% since listing in 2001
- Since listing in 2001, funds under management have grown four-fold from c£30 billion to more than c£120 billion
· Financially strong
- Financial strength credit ratings categorised ‘strong’ with outlook ‘stable’
(Standard & Poor’s A+, Moody’s A2)
- Risk Capital Margin covered over five times (30 June 2004)
- Free Asset Ratio 9.7% (30 June 2004)
· Renowned ethical heritage
- Founded by Quakers in 1832 to address social needs
- Pioneered linking investments with ethical principles (Stewardship, 1984;
Responsible Engagement Overlay - reo® - 2000)
