Brits worryingly uncovered
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Most British parents are not providing their families with enough long-term financial stability, according to a new survey by Scottish Widows.
The study revealed that more than one in three parents have no form of life insurance, meaning that should one of these parents pass away suddenly, their family would be left with a potentially severe financial problem.The possible problems could be even more serious for one in five parents, who have a mortgage to pay but no life insurance.
Scottish Widows predicts that as a result of the lack of life insurance around nine million British parents would have to rely on state benefits or their savings should they become critically ill or unable to work.
The firm's director of protection marketing, Nick Kirwan, expressed his concern that so few people are financially covered in the event of a life changing illness, accident or death.
"There is a very real and pragmatic need to consider how loved ones will be provided for should the worst happen," he added.
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