Life Insurance News
Parents failing to take out adequate life cover
Nearly half of all parents have failed to take out a life insurance policy while two million families worry about their level of protection.
Those are some of the headline findings from new research by operator Aviva, which indicated that over half of the UK's dependent children would be left with little or no financial support following the death of a parent.
According to the statistics, 40 per cent of parents questioned by the provider do not have life insurance cover while a further 17 per cent only have enough to cover their mortgage payments.
The Parents Study also revealed an alarming lack of awareness over protection policies among many homeowners, with 175,000 families having no clue if they are covered by life insurance.
"Our research shows parents are currently twice as likely to buy insurance when they get their first mortgage than when they have their first child," warned Louise Colley, head of UK life protection at Aviva.
In other news, Paragon Mortgages recently suggested that brokers in the housing market expect to see more business in the second half of 2009, which could result in a greater number of mortgage protection products being sold.
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