Millions of families depend on multiple salaries
18 January 2010 09:37:11
 |
| Bereaved families could struggle without life insurance. |
The figure is contained in a report by Scottish Widows, which also revealed that 4m households with dependent children are reliant on two or more salaries.
Furthermore, families with children tend to have higher levels of debt than those without, and the amount of money owed has risen over the past 12 months.
For instance, the average household with dependent children has £91,648 outstanding on its mortgage, up from £88,500 last year.
Clive Allison, protection director at Scottish Widows, claimed that widespread reliance on two or more incomes is unlikely to ease off in the near future.
"People are leaving themselves exposed to a lack of income should anything happen to the main breadwinner, and large personal debt to repay on top of this could make things even more difficult," he warned.
"If households do not have sufficient protection, such as life cover and critical illness cover, for any of these circumstances, many could be left struggling."
A recent study by the Association of British Insurers found that two-fifths of people have not made adequate financial provision to cope with a large, unexpected expense.
‹ Back
Other Life insurance News
-
Students 'should buy life insurance in future'
Life insurance could protect student loan repayments. -
Smoking cessation may slash life insurance costs
Stubbing out could improve life insurance premiums. -
New year 'health check' should include life cover
People should reassess their financial protection in the new year. -
Millions of families depend on multiple salaries
Bereaved families could struggle without life insurance.
All Life insurance News
Other Home Page News
-
Are credit cards facing a midlife crisis?
Credit cards - are they going out of fashion? -
Ofcom: UK enjoying faster broadband speeds
Many Britons switched to faster broadband deals last year. -
Bank withdraws charity credit card scheme
Lloyds Banking Group will no longer offer charity credit cards. -
Smart meters 'will not be compulsory'
Smart meters feed information back to the supplier
All News Stories
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.