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New research has highlighted that many adults in Britain don’t have financial protection to fall back on should serious illness strike.
According to the study by Scottish Widows, 21% of respondents said their household wouldn’t survive financially if they lost their income due to long-term illness, but only 9% have a critical illness policy in place.
Taking out life insurance also appears to be falling down the nation's priority list, with just 27% having a life policy, equivalent to 14 million people. Worryingly, this has dropped by 7% compared with 2017, a year-on-year decrease of 3.6 million individuals.
This is an especially precarious position for the two-fifths (42%) of UK households that are reliant on just one income, and it’s clear that many lack a ‘Plan B’. Despite 43% of people saying they’d rely on their savings if they or their partner were ill and unable to work, a third (35%) admit their savings would last no more than three months if unable to work and more than half (54%) say they’d last no longer than a year. Three in ten (30%) – or 15.5 million people – say they aren’t saving anything at all.
“It’s a worrying truth that people are more likely to insure their mobile phones than their own health,” commented Gary Burchett, Protection Director at Scottish Widows. “On a societal level, we increasingly think in the short-term, caring more about tangible things in our day-to-day lives. On a more fundamental level, we’re programmed not to think about the worst happening. Together, these are dangerous inclinations, as people aren’t thinking about insuring their health or life until it’s too late.”
If you need advice or assistance with critical illness cover, or for any other protection or financial matter, contact our expert team today. Call us now on 0141 465 4274 or complete our online enquiry form and a member of our team will get right back to you. We look forward to helping you plan for the future.