As it happens this blog is similar in nature to my last in that I'm going to talk about protection. Life insurance that is, not the most exciting of topics but I'm afraid it is constantly ignored by the general public and sooner or later if you ignore something long enough it will come back to haunt you.
The latest insurance company to compile some stats for us is Aviva (formerly Norwich Union). They reveal in their first "Family Finances Report" that 93% of families do not feel they have adequate financial protection in place. This includes 61% of families confessing they do not even have the most basic life insurance in place.
The report reveals that those most likely to be under protected are single parent families, which I guess would make sense. If husband and wife seperate then the joint life insurance policy they have in place will probably get cancelled and if they are then counting the pennies they probably won't take out a new policy. Very dangerous if you ask me, if one parent is paying a monthly sum to the other for child costs and that person either dies or suffers an illness preventing them from working then the monthly money dries up thus affecting the children.
It really surprises me that there is a general unwillingness to get covered, I'll bet we all know someone who has been off work for a period of time due to a serious illness, how did it affect them?
If you read this and it makes you think then give me a call (0845 430 8676), it's not that expensive to protect you and your family.
The full report can be found here http://www.aviva.com/media/news/9379/
