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Earners reminded over life insurance importance

Earners reminded over life insurance importance

Category: Life insurance

Updated: 26/11/2012
First Published: 20/04/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

"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."

Moneyfacts.co.uk have partnered with Torquil Clark Life Insurance to help you find the best life insurance deal.

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Under no circumstances should you cancel an existing life insurance policy until a new one has been arranged. Torquil Clark Life Insurance is a trading name of LifePolicies Direct Ltd which is authorised and regulated by the Financial Services Authority.

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