Modern families less likely to have cover

Published on

modern, glamourous couple

Over the the past 10 years there has been a major rise in households comprising unmarried couples with dependent children (35.8%), same sex cohabiting family units (40%) and single parent families (14.8%).

Sainsbury’s Life Insurance analysis of government data reveals that these modern family units are less likely than married couples to have life insurance or critical illness cover to protect their loved ones financially in the event of death or serious illness.

While 37% of married couples living with children have life insurance, only 32% of single parent families and 31% of unmarried parents living with children do.

The research also suggests that only around 23% of those living in same sex partnerships have life insurance, and only an estimated 39% have life and/or critical illness cover, significantly less than married couples, 50% of whom have life and/or critical illness cover.

“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,” said Helen Williams, head of Sainsbury’s life insurance.

“Whatever the make-up of your family, it’s important to ensure you and your dependants 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.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...