Life insurance 'is essential for those with families'

By Marianne Straker, Fri 20 Aug 2010 - Published in Life Insurance

People with families should always consider taking out critical or life insurance, according to an expert.

Malcolm Tarling, media relations officer for the Association of British Insurers, said that anyone with dependents needs to consider what will happen to them in the event of unforeseen circumstances.

He explained that many people underestimate the financial impact that falling seriously ill or dying could have on their dependents and called on them to invest in health or life cover.

"The point is that if you fall seriously ill and lose your income then you are going to still have financial commitments that are piling up and you may not have an income to pay for them," the expert continued.

Mr Tarling added that the extra burden caused by medical care can prove problematic for many families when illness strikes and said insurance can help them to deal with this.

Last month, research carried out by Confused.com found that 60 per cent of the UK's adults have not taken out any form of life insurance.

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