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Parents have insufficient life cover

Date: Mon, 08 Aug 2005

The majority of parents do not have enough life insurance cover, according to new research.

A study conducted by Scottish Widows shows that 35 per cent of parents in the UK do not have any form of life insurance cover which means, if the worst should happen, many families will be unable to cope with the change in financial circumstances.

The poll also established that 72 per cent have no insurance if they become critically ill or are unable to work; meaning that up to nine million people could be forced to rely on state benefits.

The other area of concern was that 2.2 million parents have a mortgage but no associated life insurance cover and therefore increasing the risk of families losing their homes.

Nick Kirwan, director of protection marketing, said: "It is worrying that parents are more likely to review their credit cards than their financial protection, but what is more concerning is the wider issue that a third of the nation’s parents have left themselves completely unprotected."

He added: "In particular I am astounded at how many parents have a mortgage that is unprotected – in a worst case scenario this means that families are putting the roof over their heads at risk."


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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.