Modern Families Financially Unprotected from Death and Illness

New research conducted by Sainsbury’s Life Insurance has revealed that there has been a significant increase in the households that are comprised of unmarried couples, same sex couples and single parent families.

Nuclear Families More Likely to Take Out Cover

Sainsbury’s Life Insurance analysis or Government data has revealed that in the last 10 years, there has been a significant change in the way that households are comprised.

Unmarried couples with dependent children, single parent families and same sex cohabiting family units have all seen significant increases in the last decade (which can be seen in the table below).

The insurance company discovered that the aforementioned groups are much less likely to be protected by life or critical illness cover than those with a more ‘traditional’ family set-up.

Percentage of people who only have life insurance Perecentage of people who only have critical illness cover Percentage of people who have life insurance and/or critical illness cover Percentage of people who have both life insurance and critical illness cover
Households With Children
Married Couples living with children 37% 2% 58% 20%
Single parent families 32% 1% 42% 9%
Unmarried couples living with children 31% <0.5% 41% 10%
Households Without Children
Married couples living together with no children 34% 1% 43% 8%
Unmarried couples living together with no children 31% 4% 37% 2%
Households With or Without Children
All married couples 35% 1% 50% 14%
All unmarried couples 30% 2% 38%

(Source: Sainsbury’s Life Insurance)

“It’s Important to Ensure You Are Financially Protected”

Head of Sainsbury’s Life Insurance, Helen Williams, has said: “Worryingly, our research suggests modern family units are much less likely to protect their dependents with life insurance or critical illness cover than the traditional notion of a stereotypical family.

“Whatever the make-up of your family, it’s important to ensure you and your dependents are financially protected. Having life insurance and critical illness cover gives you peace of mind that if you or your partner dies or cannot work due to illness, you could have one less thing to worry about at a difficult time.”

In related news, another supermarket chain has announced that they are to put more focus onto financial products in their stores.

The supermarket chain Asda, have announced that they will launch Asda Money, in order to promote products such as currency exchange, insurance and credit cards.

However, unlike similar schemes currently run in Sainsbury’s and Tesco stores, Asda Money will only be able to promote products provided by specialist companies as they do not have their own banking licence.

Other products that will be available via Asda Money include; breakdown cover, as well as travel, home and car insurance. Information on all of their products will be available at checkouts and online.

What This Means to You

If you haven’t really thought about taking out life insurance or critical health cover, it may be time to do so. Just taking out this form of cover could end up saving you and your family hundreds should the worst happen.

This article was written on behalf of Table Top Fountains by Dan of  Which4U.co.uk. To compare life insurance, health cover and many more financial products that can make your life a less stressful experience, look no further than this quick and easy service.