Not having life insurance leaves families vulnerable

By Marianne Straker, Thu 19 May 2011 - Published in Life Insurance

Life insurance customers have been told that over 8.5 million families could not cope financially if the person bringing in the main income lost their job or fell ill, according to research from Scottish Widows.

Its report found that only seven per cent of Brits have an income policy protection plan in place.

Furthermore, only 12 per cent of the population have critical illness cover and less than half have a life insurance policy.

Clive Allison, market director in protection at Scottish Widows, said: "Many millions of people are not protecting themselves in the unfortunate event of illness, an accident or death of the main breadwinner, which is leaving them vulnerable and in many cases unable to afford to support their families."

Recently, Confused.com found that mums want to help their children financially in the future.

However, it revealed that only 48 per cent of mothers have a life insurance policy in place.

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