According to recently released research, 40% of parents with children under the age of 18 do not have any form of life insurance, or critical illness in place.
The research from Sainsbury’s Bank Life Insurance, (provided by Legal & General), further highlights the worrying protection gap that is emerging for families in the UK. If one parent can no longer provide, the family may struggle financially to afford and maintain their same lifestyle.
Cost is Still a Barrier
Some of those surveyed said they had planned to take out life insurance, but had simply not got around to it. Some previously had had insurance cover in place, but their policies had lapsed because they could no longer afford it
36% of those people with cover indicated that they had never reviewed their policy(ies) and only 10% said they had increased their protection because they had had children.
According to a separate survey from SoSmart Money, individuals aged between 55 and 64 are most likely to believe that life insurance is unimportant. Millenials (18-24 year olds) are the most likely age group to believe that life insurance is important, but they’re also the least likely group to have it. Dean Jones, managing director of SoSmart Money said: “Despite people knowing how important life insurance is, many people still don’t have it.
‘Financial Burdens’ Should Be Taken Care Of
“Nobody really likes to think about passing on, but unforeseen events do happen and you have to be ready for such an eventuality.
“You need to know that your loved ones will be taken care of if something unfortunate should happen to you, so that any financial burdens such as debt won’t affect them too much.”
Talking about the findings of the Sainsbury’s research, Scott Gorman, Head of Sainsbury’s Life Insurance said: “Life insurance is an important financial safety net and should not be overlooked. Families should consider life insurance with critical illness protection as early as possible to cover their mortgage, any borrowing and other day-to-day commitments to ensure financial stability, if the worst happens.”
At Premier Choice, should the worst happen to a client who is a parent, we dearly hope that the surviving parent/partner will be thanking us for our persistence in making sure they were covered. We want them to be relieved of us having done so, meaning that the mortgage is paid off and a lump sum is in place to help them along.
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