View more on these topics

British parents leave their families inadequately covered financially says Scottish Widows

British parents leave their families inadequately covered financially according to Scottish Widows.

A protection gap exists amongst British families with 35 per cent of parents having no life insurance at all and 72 per cent with no insurance if they become critically ill or unable to work.

One in five, or 2.2 million have a mortgage without any associated life insurance.

Additionally, only one in ten reviewed their life insurance after the birth of a child and only 26 per cent reviewed their CII. This compares with 14 per cent that reviewed their credit cards.

The research was conducted from a sample of 2,037 adults, 493 of whom had children who are eligible for Child Trust Funds.

Director of protection marketing Nick Kirwan says: “Financial protection is a very delicate subject and naturally noone likes to dwell on the worst that might happen, particularly during what is a very happy time for families. The fact is that people aren’t aware that after major life events, their needs will almost certainly have changed and they need to review their finances.”


Interest in charges

Like many of my industry colleagues, I felt a surge of indignation on reading Dianne Hayter’s statement that “for the mass market, it is hard to find disinterested, professional, free or moderately priced assistance”. Oh yes? Disinterested is what a judge presiding over a legal conflict between two parties is supposed to be, namely without […]

Stop taping our teams, says FSA

The FSA is warning it will take legal and enforcement action against firms that tape regulatory investigation visits. It says taping staff is acceptable if they are aware it is happening but says covert recording is unacceptable. It says the practice undermines the effectiveness of monitoring visits and impedes open discussion between FSA staff. The […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm