Life - Articles - 4 in 10 parents of under-18s have no life insurance


Research* from Sainsbury’s Bank Life Insurance provided by Legal & General reveals that four in ten (40%) parents with children under the age of 18 do not have any life insurance in place. Around two thirds of these parents do not have any critical illness protection.

 The findings highlight the life insurance gap for families who may be unable to cope financially and afford the same lifestyle if one parent can no longer provide.
  
 Surprisingly, of those without life insurance, 21% do not believe it is necessary and almost half (49%) say they cannot afford it, with 7% saying they used to have it but the increasing cost of living has made it no longer affordable. One in ten parents (14%) claimed they plan to take out life insurance cover but have not got around to doing it.
  
 The research showed that among those with life insurance, 36% say they have never reviewed their cover and just 10% increased their life insurance cover as they had children.
  
 Scott Gorman, Head of Sainsbury’s Life Insurance said:
 “Life insurance is an important financial safety net and should not be overlooked. Families should consider life insurance with critical illness protection as early as possible to cover their mortgage, any borrowing and other day-to-day commitments to ensure financial stability, if the worst happens.”

Back to Index


Similar News to this Story

Over 16m say private medical insurance is essential
36% of respondents, the equivalent of 16 million working-age adults, considered private health insurance as the most important, non-compulsory insuran
CMI Model shows rise in cohort life expectancy
The Continuous Mortality Investigation (CMI) has released the latest annual update to the CMI Mortality Projections Model, CMI_2024. The CMI Model is
Comments on the CMI 2024 model
WTW and LCP comment on the CMI 2024 model

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.