Bright Grey: 1 in 3 families 'not protected' with health insurance

10 July 2007
One in three families in the UK are without life, critical illness or income protection cover, insurer Bright Grey has found.

Protecting your family in case any incident or condition affects your health or causes your death can be crucial, claimed Bright Grey's sales chief, Kevin Stevens.

Where critical illness cover pays out a lump sum, income protection insurance pays families a steady stipend every month, sometimes until customers reach retirement age.

Among those who have taken the step of buying insurance, one-third have only covered their mortgage, Bright Grey found, yet without sufficient cover for other income streams or assets, living in the family home could quickly become unaffordable.

"Many of those parents who don't have cover don’t even know they're leaving their families at risk," warned Mr Stevens.

Recent research from Combined Insurance showed that the average family in the UK has put aside enough money in savings accounts to sustain their lifestyle for just 18 days if sickness or accident prevented the main or only earner in the family from working.

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