Mind the Life Insurance Gap - 'Many young families without financial protection'

Gillian Cooper
Insurance news
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Failure to take out life insurance means parents with children under the age of 18 could be putting their families and homes at risk.
That's according to a new survey from the AA, which shows the UK life cover 'gap' is biggest in the 35 to 44-year-old demographic. More than half (57%) admitted they don't have a policy in place, despite often having young dependents and a mortgage.
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The results prompted a stark warning from Mark Huggins, director of AA Financial Services, who insisted even those who did have cover would benefit from regular reviews: "You might not know how much your life insurance will pay out down to the last penny, but it's important that you know what kind of life insurance policy you have and check it reflects your needs and the requirements of your family."

He added that this was particularly important as "income and outgoings change over time".

The survey found that just 41% of adults have life insurance, although amongst people in their 40s and 50s this figure rose to over half (57%).

https://www.healthinsurancedaily.com/health-insurance/product-area/life-critical-illness/article441400.ece

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