The average UK household spends more per year on the lotto than on life insurance cover.
Only 41% of people in the UK have life insurance cover, while 68% of people play the lotto and gamble in various other ways. This means that while only 20m people in the UK have a life cover policy, some 34m gamble, according to Aviva.
The monthly average household spend on the lotto and on gambling is £13.80, while the cheapest life insurance cover can mean a life cover policy that costs just £5 a month.
Aviva claimed that, if most people believe they stand a better chance of winning the lotto than of benefiting from life insurance cover, they are sadly mistaken – and by a long way. Devoting cash to gambling, rather than to the best life cover, could be like ‘playing Russian Roulette with your loved ones’ security’.
While only 1 person in 14 million wins the lotto, 1 in 3 people die of cancer, and 1 in 5 people die of heart disease.
Aviva pointed out that we are much more likely to be killed by a shark (odds of 3.2m to 1) or be struck by lightning (258,000 to 1), than to land that elusive lotto windfall.
“People know that protecting themselves and their family is extremely important, but many people wrongly think it’s too expensive, and delay life insurance. People gamble in the hope they may win the lottery, but put off life insurance thinking it won’t happen to them, when it is one of the unfortunate guarantees in life,” said Louise Colley, head of protection at Aviva.
Would you like to learn more about life insurance cover? Make a life insurance enquiry or ring freephone 0800 678 5929 now.
