View more on these topics

Less than 1 in 10 families have adequate financial protection

Just 7 per cent of UK families feel they have adequate financial protection, according to a report by Aviva.

Aviva says 61 per cent of families do not have basic life insurance, 87 per cent of people do not have critical illness cover and 89 per cent do not have income protection.

Single parent families are least likely to have protection insurance. According to the report, 76 per cent of single parent families and 68 per cent of divorced parents with two or more children feel under protected or not protected at all.

When asked why they do not have protection insurance, 19 per cent say they think it is too expensive and 5 per cent believe it never pays out and is not worth buying.

The report also found families prioritise paying off unsecured debts and setting up savings accounts ahead of getting financial protection.

When asked what they would prioritise if they received a £10,000 windfall, 44 per cent of respondents told Aviva they would first pay off unsecured debts. Only 5 per cent said the money would make them want to take out protection.

Aviva head of protection marketing Louise Colley says: “Life insurance and income protection can provide families with financial peace of mind in the unfortunate event of a sudden loss of income, and critical illness insurance can provide a lump sum cash payment should the insured suffer serious illness or disease. By making sure they have financial protection in place, families can have invaluable peace of mind for a more financially secure future.”


N&P and CarVal back out of further Lifemark deal

Norwich & Peterborough Building Society and US hedge fund CarVal have backed out of discussions to provide a further $20m of funding to Lifemark, Money Marketing understands. N&P and CarVal joined forces last year to provide an initial $10m to the stricken life settlement fund provider, £1.5m of which was contributed by N&P. It is […]

FSA and FRC to boost co-operation and information sharing

The Financial Services Authority and the Financial Reporting Council have agreed a memorandum of understanding on greater co-operation and information exchange. The agreement is designed to deliver a closer working relationship between the FSA and the FRC’s audit inspection unit, which operates a risk-based system of audit inspections. The regulators say the memorandum underpins their […]

Lloyds is confident on broker share

Lloyds Banking Group sales director of mortgages Mike Jones has dismissed his predecessor’s claim that the bank’s share of lending through intermediaries will fall to 50 per cent. In September, former sales director of mortgages Nigel Stockton told Money Marketing that the intermediary share of Lloyds’ lending was likely to fall from a level estimated […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Why?

    Not enough commission anymore to cover sufficient mass canvassing.

    A lengthy, expensive and offputting sales process.

    Benefits lost in a sea of risk warnings and total term premium cost.

    Total term premium cost not related to the the amount or term of the benefit.

    Total income protection cost throughout the term is typically 11 months or so benefit.

    Result? No sales, individuals and families in a risky position, more tax required for benefits, clients who purchase cover pay more.

    Successful regulation?

    Even the FSA, FSCS etc have marketing budgets.

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