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Life insurance giant Norwich Union has revealed that an alarming number of UK citizens, 20 million, don’t have any form of life cover or protection at all.

It also revealed that the major reason for UK people failing to take out life insurance protection was complacency; with 37% saying they’d not sought any kind of protection because they simply hadn’t thought about it.

Norwich Union said that those who failed to take out either decreasiong term or level term life insurance cover were flirting with future of economic ruin for both themselves and their families.

Darren Dicks, head of protection marketing at Norwich Union, said, “These findings are cause for concern as they suggest many people are taking an it won't happen to me' approach to protection. Around 52% of UK adults have no life cover at all and the remainder are either underinsured or unsure about what type of cover they hold.

He also commented that now was always a good time to purchase life insurance, saying, “There is currently a £2.3 trillion protection gap in the UK which leaves a large proportion of the population vulnerable. Many people wait until they have a particular event in their lives, such as a house purchase or the birth of a child before they purchase life cover, but people shouldn't take the view that they need to wait.”