1 in 4 families have protection insurance; do you?

A quarter of UK adults with children under 16 have some form of financial protection, but that leaves 3 in 4 families unprotected against financial difficulties in the event of illness or loss of employment.

A major survey of more than 5,000 adults in the UK by YouGov found that over half of respondents with children admitted their savings would last just two months if they could not work.

The same proportion also said that they are reliant on two incomes, with a further 1 in 7 revealing that parents or grandparents are dependent on their income.
There was also general agreement that the State could not be relied on to keep families at the same standard of living in the event of accident, sickness or unemployment of the main breadwinners.

Not surprisingly, mortgage holders were found to be most likely to have some form of protection insurance, accounting for around 3 in 4 critical illness and income protection policies in force. However, only 1 in 2 had any life assurance cover.

Whilst we know the financial pressures currently being faced by a large number of UK households, many of Marchwood’s customers, particularly those with dependent children, are realising how important it is to make arrangements to support their family in the future and are asking us for advice on which type of protection is right for their circumstances.

Five reasons why you should consider protection insurance
1. It pays out 90% of the time
2. It’s not that expensive
3. The State will not always provide
4. Your employer will not necessarily look after you
5. It might happen to you

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It pays to consult a specialist protection insurance adviser like Marchwood IFA to find out whether you and your family are protected from life’s unexpected events.