British breadwinners go without life cover
A whopping £263bn life insurance black hole has been identified as British breadwinners go without cover.
One in four British main earners with dependents have no life insurance, according to new research from Moneysupermarket. That means almost 8.5m Brits run the risk of their families facing dire financial circumstances in the event of their death, including potentially leaving them vulnerable to losing their home.
With the average life insurance pay-out over £31,000, this equates to a £263bn black hole in life insurance provision for the dependents of those breadwinners who do not have a policy in place.
Fear over female insurance gap
The research revealed that 12m of the nation’s breadwinners are women – of which just 38% have life insurance, compared to just under half of men.
Kevin Pratt, insurance expert at Moneysupermarket said: “Anyone with a partner or children who are financially reliant on them should think about life insurance. Avoiding the matter can put loved ones at grave financial risk and it’s worrying to see how many breadwinners – male and female – are doing this.”
“A pay-out can be used to clear any outstanding debts, such as a mortgage, or to cover everyday expenses. It offers peace of mind and reassurance for families, as well as the necessary financial support.”