Children's Futures at Risk as Parents Fail to Arrange Life Insurance

18th June, 2009

A study carried out by insurance provider Bright Grey has revealed millions of British children's financial futures are not being safeguarded if anything were to happen to their parents. More than seven million parents in the UK admitted to not having a life insurance policy in place, leaving their children vulnerable were they to pass away or become critically ill.

Of the parents questioned, ten percent said they expected their offspring to use family savings if they were to die - despite statistics showing the average Brit saved just £1,000 last year. Over 1.6 million British parents had never considered how their family would cope if they were to lose an income.

The current economic climate, and the resulting pressure on household finances, had perhaps contributed to 64 percent of British parents not securing life or critical illness insurance to protect their children's futures, according to the insurance provider. Roger Edwards, Proposition Director at Bright Grey, said:

"People might be shying away from sorting out cover because it seems a time consuming task or an expense they don't need at the moment, but the cost of life cover has been falling over the last few years.

He added:

It can cost as little as £20 a month for a 30 year old male to secure life insurance up to the value of £87,000.

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