A new study has found that most families in the UK currently have no financial protection such as life insurance . The research, carried out by insurance giant Aviva, showed that 61 per cent do not hold life insurance cover, while 93 per cent admit to not having sufficient financial protection.
It was also revealed that 87 per cent are without critical illness cover, and that 89 per cent did not have income protection, all of which means that millions of families face financial disaster if the main breadwinners were to lose their job, become ill or die.
The most concern is about single parent families, as the research found that 76 per cent of single parent families and 68 per cent of divorced parents with two or more children said they believed they were financially underprotected.
Even previous problems do not persuade people to sort out cover, as the research showed that four in ten families said they had been seriously affected by illness in the past, but still had not taken out a policy. A fifth of all respondents said they had not taken out life insurance because of its cost, and five per cent thought it never paid out anyway.
Louise Colley, head of protection marketing at Aviva, commented "Life insurance and income protection can provide families with financial peace of mind in the unfortunate event of a sudden loss of income, and critical illness insurance can provide a lump sum cash payment should the insured suffer serious illness or disease."
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