11 April 2011

UK Families Protect Home Before Their Health

UK families are more likely to have insurance cover for their possessions and property than health.

New research has revealed that UK families are more likely to cover their possessions and property than health.

A study conducted by Nationwide found that 47 per cent of parents do not have life insurance cover and mums have less cover than dads.

It's not just mums who are less likely to have life insurance, according to protection specialist Bright Grey, 53 per cent of women say they cannot afford protection products. 21 million women across the country do not have a critical illness insurance policy.

There are more than 293,000 new cases of cancer diagnosed each year in the UK, and more than a third of us will develop some form of cancer during our lifetimes. 76 per cent of parents don't have any form of Critical Illness Cover in place which could leave families in a sticky situation later on in life.

In comparison three quarters of parents have car insurance, home contents insurance and over 60 per cent of parents have buildings insurance. One in five parents have mobile phone insurance.

Almost two out of five surveyed claimed not to have any personal financial protection at all.

**The Importance of Life Insurance **

Guy Simmonds, Nationwide senior manager for protection and investments, urges parents to take cover to protect their family.

"In everyday lives, objects and possessions such as mobile phones and cars are far from indispensable, but to your family you're irreplaceable. How would they cope if you were no longer here, or unable to support them financially because of an illness, disability or unemployment? With this in mind, these figures show how unprepared some parents are to take care of their families if the unthinkable happens.

"You can't be replaced, but you can make plans today to replace the income that you would otherwise have provided for your family. Our loved ones are the most precious things to us – that's why it's important to protect them and the lifestyle you have helped to build for them.”

Life insurance pays out a lump sum if the policy holder were to die, while critical illness cover pays out if they are diagnosed with a terminal or critical illness.

**Secure your future financially by comparing life insurance with MoneyMaxim. **