More than a third of British couples with children under the age of 18 have not discussed what would happen to them if either one of them passed away, according to a recent report by Tesco Bank.
A reluctance to talk about mortality may have led to a “family protection gap”, with over 40% of parents with children under the age of 18 with no life insurance in place to provide cover should the unthinkable happen.
39% of those surveyed cited lack of affordability as the reason why they didn’t have life insurance, yet 46% spent at least the equivalent of an average monthly life insurance premium of £15-£20 on on some entertainment activities for their children over just one weekend.
One in five of those parents surveyed said that they didn't really understand how life insurance works.
Psychologist Honey Langcaster-James said:
“There is a certain amount of reluctance on the part of many families to discuss what will happen if they or their partner dies. This issue throws up big, challenging questions about life and death and many would prefer to just stick their head in the sand.
Families are using the perceived cost to justify why they do not have the necessary cover in place. However the real issue here is not one of cost as the findings above [from TB] clearly demonstrate."
There are different types of life insurance to suit different circumstances. In return for a regular payment a life insurance can provide a payout should you pass away, which can help cover outstanding debt or loss of income for those you leave behind. Comparing quotes and types of life insurance can help you balance the level of cover that you want and the price you are able to pay.
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