by
Autonet Insurance
| Jan 26, 2012
New research has shown that people are putting luxuries before protecting their families with the right level of insurance.
Aviva revealed a finance report today detailing items that are purchased in reference to life insurance policies which provides financial protection.
Data for the findings was sourced by over 10,000 people looking into the personal finances of UK families which highlighted a percentage of how people spend their money.
The results from the research showed that 50% of families are happy to pay for satellite television packages but only 40% of people had cover from a life insurance policy. It also showed that 14% of people have mobile phone insurance compared to only 13% having a critical illness insurance policy.
With the added pressure of pay freezes, inflations and the cost of daily living most families are trying to save money this year, which is why people decide not to have life insurance cover as it is an extra outgoing on top of other bills that they receive.
Louise Colley, head of protection sales and marketing, Aviva, said: “No-one likes to dwell on poor health or mortality, but by denying that illness - or worse - is even a possibility, people are stopping themselves putting measures in place to protect their loved ones.
“Too many people assume that someone else will step in and look after their families if they weren’t there to provide for them, but the reality is very different.”
There is still a need of understanding the importance of protecting families as 21% of people think about booking their summer holiday before considering taking out life insurance cover.
The findings also revealed that 27% UK families admitted they won’t discuss their debts with other members of their family and 24% would not even discuss their general finances leading to reveal people find financial conversations a taboo subject to discuss.
The latest research published by Aviva has highlighted what families spend their money on and shows how people don’t take life insurance cover as a priority.
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By Amanda Bainbridge