13 out of every 14 Brits do not have enough financial protection.

That is the worrying statistic from a recent survey conducted by one of the UK’s leading insurance companies. Aviva’s Family Finances report showed that millions of UK families aren’t appropriately insured and could be left with huge financial headaches in the event of the death of a loved one.

6 out of 10 families have no basic life insurance

Aviva’s survey found that 93% of families feel they have inadequate financial protection. The Guardian also reports that ‘more than 60% of families do not have basic life insurance, with single parents the most likely category not to have protection insurance, which also includes private medical insurance, income protection and critical illness cover.’

This is despite data from the bereavement charity Grief Encounter showing that one in every 29 children under 16 in the UK loses a parent.

Compare life insurance to find the best deal

One of the most common responses to the question of why they had no life insurance was that it was considered too expensive. 19% of survey respondents thought that they could not afford it. However, if you head online to compare life insurance, it is possible to find some excellent life insurance offers.

The Guardian reports that a 35 year old non smoking woman can secure £100,000 of life insurance over 20 years for around £6 to £6.50 per month. By using an online comparison website, it is possible to compare life insurance offers and you may be surprised at how inexpensive basic life insurance can be.

Aviva also found one of the barriers that prevented people taking out life insurance was the belief that ‘it never pays out and therefore isn’t worth buying’. However, the insurer claims its data shows that 99% of its life insurance claims are paid out, and the average sum that people receive is nearly £51,000.