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Less than half of people with financial dependents have life insurance

By Marianne Straker, Fri 15 Apr 2011 - Published in Life Insurance

British adults are spending on average over £10,000 per year supporting their dependents, yet many do not have life insurance, according to the banking firm Scottish Provident.

Its Financial Safety Net Report found that nearly a third of UK adults have people that rely on them monetary-wise.

However, just less than half of those surveyed who are responsible for others do not have life insurance, and just one in five have critical illness cover.

Susan Barclay, head of marketing at Scottish Provident, said: "It is essential that earners understand the importance of taking out life cover, critical illness cover and income protection, and what this can provide for families when they are most at need financially."

She noted that there had been a rise in a 'sandwich generation' where people have children and elderly relatives relying on a person financially.

Recently, Scottish Widows revealed that one in five adults are having to spend more time at work during the recession and are not prioritising time with their families in order to make ends meet.