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Friday, October 27, 2017

Financially unprotected

What would happen to you and your family in the event of unforeseen circumstances, such as the diagnosis of a serious illness or premature death?

Worryingly, research from Scottish Widows reveals that more than half (53%) of men in the UK with dependent children have no life cover, meaning that 3.9 million dads[1] are potentially putting their family’s financial security at risk if the unexpected were to happen.

INSURING AGAINST SERIOUS ILLNESS
Only 16% of dads have a critical illness policy, leaving many more millions at financial risk if they were to become seriously ill. Fathers are, in fact, more likely to insure their mobile phones (21%) than to insure themselves against serious illness.

More than a fifth (22%) of dads admit their household would be placed at financial risk if they lost their income due to unforeseen circumstances, and 28% say they could only pay their household bills for a minimum of three months.

Two fifths (40%) say they’d have to dip into their savings to manage financially, but 42% say that their savings would last for a maximum of just three months.

Continue reading the Financially Unprotected article.