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Norwich Union Life Insurance Highlights Mortgage vs Life Insurance Shortfall: This week Norwich Union release figures estimating that nearly 50% of people in the UK have no life insurance. With government figures showing 75% of people with a mortgage this revelation is a worry, not only to the banks who have loaned out the cash, but an even bigger burden for dependants of the wage earners in any household.

Considering the huge increase in life insurance advertising by all major insurers in recent years, along with the roll-out of branded products such as NU's introduction of life insurance through the Post Office at the end of last year, these figures are alarming. It seems wrong to assume that people simply do not know about life insurance or savings and the risks of not having such as this information is waved in front of their faces almost every day.

What does not seem to be helping is the multiple news articles regarding payout refusals. Norwich Union themselves have not been immune to bad press such as the much reported Helen Kasher case where NU refused to pay out on her diagnosis of breast cancer as she had failed to report prior episodes of post-natal depression. The conditions were unrelated which led to the two year press coverage as events unfolded.

Life insurance alone did not seem to be the only issue with those polled by Norwich Union, though, with many admitting to having no savings. Such was the state of their financial affairs that 45% of respondents claimed that they would probably have to borrow money even for a small emergency such as an unexpected £1000 bill. †

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