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Neglecting life insurance could leave families in financial troubles

By Marianne Straker, Tue 14 Jun 2011 - Published in Life Insurance

Life insurance customers have been told that over five million Brits could leave their families in financial difficulty by not renewing their policy, according to research from Sainsbury's Finance.

The company's report revealed nearly 60 per cent of life insurance customers admit to forgetting to update their cover when it comes up for renewal.

On top of this, its survey found that many Brits stated that they did not continue their policy because personal circumstances changed.

David Cook, from Sainsbury's Life Insurance, said: "Life insurance provides financial cover should the unthinkable happen and enables people to be secure in the knowledge that their dependants would receive sufficient funds if they were to die, which would help them to protect their standard of living."

Recently, financial research firm Defaqto noted that the money provided by life insurance payments can help fund a lot of necessities, including mortgage payments, when a loved one has died.