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Category: Life insurance Date: 4/20/2011
Britons have been reminded of the importance of life insurance and health cover after it was revealed adults spend over £10K a year financially supporting their dependents.
More than 15 million adults in Britain financially provide for others at an average cost of two fifths of their salary, according to Scottish Provident.
Yet despite bearing such a significant financial responsibility, less than half of those who help others financially said they have life cover in place.
Only one in five people have critical illness cover, while just one in seven have an income protection product.
The rise of what is being dubbed the 'sandwich generation' has also recently been noted – that is people who have both children and elderly parents who rely on them financially.
In some instances, even offspring who have left home still require a helping hand, such as students struggling with their accommodation and tuition fees.
Protecting yourself and your family financially against any unforeseen circumstances should always be at the top of your list of priorities.
Arranging life insurance is not as time consuming or expensive as you might think, with well known names such as NatWest Life offering competitively priced products.
Alternatively, a broker such as Life-Quote will help you scour the market for the best life insurance deals around.
If income protection insurance is what you're looking for, then BeatThatQuote is able to do all the legwork for you.
"Everyone with financial dependents should look at what cover they have in place in case the worst were to happen," said Richard Eagling, editor of Investment Life & Pensions Moneyfacts.
"Life insurance and income protection can provide families with financial peace of mind in the event of a sudden loss of income, and critical illness insurance can provide a lump sum cash payment should the insured suffer serious illness or disease.
"By making sure they have financial protection in place, families can have invaluable peace of mind for a more financially secure future."
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at anytime.