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23 May 2018, 05:49
People in Scotland are more likely to arrange cover for their mobile phone than take out a critical illness policy, a new study has claimed.
Research by Scottish Widows found that only seven per cent have insurance cover for long-term sickness as opposed to 11% who have a policy in place for their mobile phone.
The report also claimed that almost a fifth (18%) of people say their household would not survive financially if they lost their income due to long-term illness.
About one in three (34%) have a life insurance policy and just under half (44%) of households said they are reliant on just one income and lacked a plan B, the study said.
Gary Burchett, protection director at Scottish Widows, said: "It's a worrying truth that people are more likely to insure their mobile phones than their own health.
"On a societal level, we increasingly think in the short-term, caring more about tangible things in our day-to-day lives.
"On a more fundamental level, we're programmed not to think about the worst happening.
"Together, these are dangerous inclinations, as people aren't thinking about insuring their health or life until it's too late.
"Insurance providers have a role to play in building trust with consumers and helping people prepare financially in case the unexpected should happen."
The research was conducted online by Opinium Research between April 5 and 12. It sampled 5,022 UK adults, 430 of whom are from Scotland.