The average modern family fails to get adequate life insurance cover
Shocking new research revealed by Sainsbury’s Life Insurance has revealed that the modern British family is failing to get the right levels of life insurance in place, and leaving their family at risk should the worst happen.
According to the research, ‘non conventional’ families had increased in number substantially, and there were now 35.8% more families with unmarried couples and children living under the same roof, and 10% more families with same sex parents and children in the same home.
The research carried out by Sainsbury’s noted that over a third of married couples with children had life insurance policies, yet just 31% of unmarried parents with children in the home had cover, and 32% of single parent families had cover for life insurance.
Head of Life Insurance for Sainsbury’s, Helen Williams explained, “Worryingly, our research suggests modern family units are much less likely to protect their dependents with life insurance or critical illness cover than the traditional notion of a stereotypical family.”
She added, “whatever the make-up of your family, it’s important to ensure you and your dependants are financially protected.”
The research also looked into the take up of critical illness insurance policies by different sorts of families, and found that less the 0.5% of unmarried couples with children had a life insurance policy, whilst 2% of married couples with children had such policies, four times as many.
Interestingly 4% of unmarried couples who didn’t have any children still had cover in place.
Helen Williams added, “Having life insurance and critical illness cover gives you peace of mind that if you or your partner dies or cannot work due to illness, you could have one less thing to worry about at a difficult time.”
To make sure you’ve got the right level of life insurance, and that you’re not paying over the odds for your life insurance you can compare life insurance quotes online with life insurance quotes, and save money on your existing policy, or set up a new policy today.