New analysis from Sainsbury's Life Insurance reveals that
the modern family is far less likely to be financially protected in the event
of death or serious illness.
In the past decade there has been a significant increase in
households comprising unmarried couples with dependent children, same sex
cohabiting family units, and single parent families.
These modern family units are less likely than married
couples to have life insurance or critical illness cover to protect their loved
ones financially in the event of death or serious illness. While 37% of married
couples living with children have life insurance, only 32% of single parent
families and 31% of unmarried parents living with children do.
Only around 23% of those living in same sex partnerships
have life insurance, and only an estimated 39% have life and/or critical
illness cover, significantly less than married couples, 50% of whom have life
and/or critical illness cover.
Helen Williams of Sainsbury's Life says, "Modern family
units are much less likely to protect their dependents with life insurance or
critical illness cover than the traditional stereotypical family. Whatever the
make-up of your family, it is important to ensure you and your dependants are
financially protected. Having life insurance and critical illness cover gives
you peace of mind that if you or your partner dies or cannot work due to
illness, you could have one less thing to worry about at a difficult
Life insurance news: 9 July 2012