This is encrypted and password protected, but is unlocked when you log on to your computer. Otherwise you would have to enter your password every time it needed to look up a saved password, defeating the purpose. If you are worried about someone finding your laptop and seeing these, as long as you aren't logged in when they get it, they will just see the encrypted file.
If you leave your laptop unattended, set your screen to lock when away (using the Birhgtness/Lock) program or simply press CTRL-ALT-L to lock it immediately, which is also available by pressing the login/settings gear and hitting "Lock Screen".
When giving your laptop to a friend you don't trust, simply click on your user name and click guest session. That way they won't have any root privileges or be able to see any of your user files.
I believe you can also set a separate password for your keyring, so it is not unlocked automatically when you log in. Simply right click on "Passwords: login" from the Passwords and Keys program, and select "Change Password". You will then be asked for that password the first time you use your keyring, but it will stay unlocked for the duration of your session.