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Almost half of parents do not hold life insurance
Almost half of parents have failed to protect themselves and their family by taking out life insurance cover, new research shows.
According to a study by Nationwide, 47 per cent of British parents do not have life insurance, while mothers are the worst offenders at not having cover.
"There is a protection gap in the UK between what people think they are covered for, in terms of if they die, and the reality of what the insurances are that they actually take out," commented Kelly Ostler-Coyle, spokeswoman for the Association of British Insurers.
She advised consumers to think about their financial needs every couple of years and see "what you're actually covered for and what you expect if anything was to happens to you".
The survey also found that 76 per cent of parents do not have any critical illness cover, with just 22 per cent of mothers holding this type of cover.
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According to a study by Nationwide, 47 per cent of British parents do not have life insurance, while mothers are the worst offenders at not having cover.
"There is a protection gap in the UK between what people think they are covered for, in terms of if they die, and the reality of what the insurances are that they actually take out," commented Kelly Ostler-Coyle, spokeswoman for the Association of British Insurers.
She advised consumers to think about their financial needs every couple of years and see "what you're actually covered for and what you expect if anything was to happens to you".
The survey also found that 76 per cent of parents do not have any critical illness cover, with just 22 per cent of mothers holding this type of cover.
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Published: 18/04/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.