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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.”

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