2008
(25/03/2008) Brits in denial
March 25 2008. The UK is a nation in denial with the majority believing they're unlikely to suffer serious illness, unemployment or financial problems during their lifetime according to figures from AXA's international Protection Scope survey.
More than half (58%) of UK adults think they're unlikely to suffer serious illness, with a staggering 71% believing they're unlikely to face unemployment and 76% thinking it's unlikely they will face serious financial problems during their lifetimes.
The research revealed that the French feel that they are most likely to suffer a serious illness (64%) or a serious car accident (69%), perhaps contributing to the high number of adults with health insurance. An astonishing 91% of French adults have taken out health insurance, compared to just 40% of adults in the UK.
As a nation, the Brits blasé approach to personal risk is reflected in their lack of financial and insurance planning, with just 38% of UK adults saying they felt very well insured against life risks. In fact, many Brits simply rely on their family to help out financially when times get tough: a staggering 74% believe they can rely on financial support from family and relatives during a serious life risk which could explain why so many are not taking action to protect themselves and their families. In Germany 89% believe that they can rely on financial support from relatives in times of need, whereas in Japan only 47% believe they would find themselves in that position.
Iain Mallon, Head of Protection at AXA, said: "It is particularly surprising to see how many people think relatively common life risks, such as unemployment, are unlikely to impact on their life, particularly at a time when the global economy is under pressure and we are facing wide-spread predictions of house-price falls.
"Despite the fact that many UK adults think life risks are unlikely to happen to them personally, the reality is that they can happen to anyone, and it's better to prepare for everything that life could throw our way.
"Families are vital for support, but to rely solely on them for financial help is not always the best option. We strongly recommend people seek advice from an independent financial adviser to ensure they have the financial protection they need".
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More information
If you are a journalist and require further information contact:-
Helene Barnes AXA Life press office +44 (0)117 989 5161
Shazia Awan AXA Life press office +44 (0) 07977 789821
Notes to Editors:
*Research was conducted among a sample of 4009 adults aged 25 - 65 across a sample of 11 major economically developed countries (Britain, Australia, Belgium, France, Germany, Hong Kong, Japan, Spain, Switzerland and the USA).
The research was conducted using CATI telephone interviews between 28th March - 24th May 2007.
About AXA
The AXA Protection Account was launched in 2004 and products include Life Cover, Critical Illness Cover, Income Protection Cover, Life or Earlier Critical Illness Cover, Mortgage Income Protection Cover, Accident Sickness & Unemployment Cover and Business Cover: Keyperson Protection, Shareholder Protection and Partnership Protection.
AXA Protection accepts over 75% of lives at normal rates and declines less than 2.5% of lives. AXA Protection was the first UK insurer to launch full tele-underwriting nationwide and 2007 statistics show just 1.23% non-disclosure for tele-underwritten applications.
AXA Protection was winner of What Mortgage Magazine's award for Best Life Insurance Provider in 2007. In 2008 Defaqto awarded AXA 5 Stars for its Level and Decreasing Critical Illness, Stand Alone Critical Illness and Income Protection products. AXA also won Most Improved Provider, Best New Initiative, Best Underwriting Team, Best Individual Impact - Naomi Greatorex, TCF Award and Best Overall Provider at the LifeSearch Awards 2008.
AXA UK is a part of the AXA Group. AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area. IFRS revenues amounted to €94 billion for the full year 2007.
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