Studies Show More Than Half of Fathers in the UK Don’t Have Life Cover

Families in the UK could be at risk of financial strain, as over 50% of fathers with dependent children admit to having no life cover.

London, United Kingdom – January 8, 2019 /MarketersMedia/ —

A high percentage of UK families are at risk of financial strain due to the alarming lack of fathers taking out life insurance policies. Research carried out by Scottish Widow confirmed that around 58% of fathers with dependent children admit to having no life insurance cover at all.

For some, this data comes as no surprise. Many people treat life insurance as a choice as opposed to a priority. This is partly due to the fact that a lot of families may be able to financially survive a situation in which the father passes away suddenly.

However, the study also confirms that as much as 20% of the fathers admitted that a severe change in income due to long-term illness or death would cause their families considerable financial strain.

With alarming figures such as this, some companies are now attempting to educate people about the possible repercussions of not having life and critical illness policies. One such company, Insurance Hero, is aiming to provide information to people of all ages about the benefits and processes involved with taking out life insurance policies.

To achieve this, Insurance Hero have curated many guides and informational pages relating to life insurance for people of varying circumstances, and have made these resources available on their website free of charge.

Life insurance is a big industry, but as this research from Scottish Widow shows, only a small number of people with dependants ensure that their family are covered in every eventuality. Some people regard it as wasted money, whereas others feel that it doesn’t need to be a priority until they are older and more at risk of illness.

Many experts argue that as anyone can be affected by illness or accident at any age, it is important to ensure that your family is covered were something unfortunate to happen. Some people choose to do this by building up a healthy savings pot, whereas others may choose to rely on government help if the unfortunate occurs.

However, changes to government policies and social welfare mean that people in cohabiting relationships may not be entitled to bereavement benefits and may not be covered in the event of losing their partner, which is increasing the popularity of insurance products such as critical illness and life insurance.

Contact Info:
Name: Insurance Hero
Organization: Insurance Hero
Address: 75 Shelton Street, London, WC2H 9JQ2PG
Phone: 0203 129 8866
Website: https://www.insurancehero.org.uk/

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Source: MarketersMedia

Release ID: 467358