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4 in 10 parents of under-18s have no life insurance

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Four in ten parents with children under the age of 18 do not have any life insurance in place, and two thirds of this group lack critical illness protection, according to research.

The findings, provided to Sainsbury’s Bank Life Insurance by Legal & General, highlight the life insurance gap for families who may be unable to cope financially and afford the same lifestyle if one parent can no longer provide.

Surprisingly, of those without life insurance, 21 per cent do not believe it is necessary and almost half (49 per cent) say they cannot afford it, with 7 per cent saying they used to have it but the increasing cost of living has made it no longer affordable. Some 14 per cent of parents claimed they plan to take out life insurance cover but have not got around to doing it.

The research found that among those with life insurance, 36 per cent say they have never reviewed their cover, and just 10 per cent increased their cover after they had children.

“Life insurance is an important financial safety net and should not be overlooked,” said Scott Gorman, head of Sainsbury’s Life Insurance.

“Families should consider life insurance with critical illness protection  as early as possible to cover their mortgage, any borrowing  and other day-to-day commitments to ensure financial stability, if the worst happens.”

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