Income Protection News
Over 7 million British parents 'without adequate financial protection'
New figures have shown that more than 1.5 million parents in the UK have not given any thought to how their dependants would survive financially if they were to pass away and an even bigger number are not doing anything about it.
Protection specialist Bright Grey is warning that millions of children in the UK could be left in financial ruin because more than seven million British parents have no adequate financial cover such as income protection insurance or life insurance.
More worryingly, one in ten parents expect their children to live off family savings but with the amount being put away at an average of only £1,000 last year, this could be "a short lived security blanket", the organisation stated.
"It is worrying that so many families admit to not having sufficient protection in place, but are doing very little to address this," said proposition director Roger Edwards.
"People don't want to think about the financial consequences of themselves or their partner not being around, but it is one of the most important areas of your finances to get right, especially if you have a dependent family."
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