Life insurance is crucial to avoid financial ruin
Mon, 24 Jan 2011
Around 93 per cent of families do not feel they have adequate financial protection, according to data from Aviva's inaugural Family Finances report.

Consumers feel they are faced with a double-edged sword as many say they cannot afford life insurance . However, without financial protection in place they could be faced with financial devastation if the worst happens, warns Louise Colley, head of protection marketing at Aviva .

Generally, the Aviva report shows that there are families in the UK who are surviving, but are in debt and are apprehensive about additional costs and unwilling, or unable to put aside money for the future. The report reveals that on average, 61 per cent of families confessed to not having basic life insurance, with 87 per cent saying they are without critical illness cover and 89 per cent do not have income protection . Only seven per cent of UK families feel they are completely financially protected.

Ms Colley said: "Families need to think what would happen to the family if the worst happened? Many families have debts, such as a mortgage, so they need financial protection the most. But they are not taking action as they claim it's unaffordable."
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