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Level and Decreasing Life Insurance for Mortgage and Family Protection

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Critical Illness Cover will pay out upon diagnosis of a critical illness

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Whole of life policies cover funeral arrangements, inheritance and tax bills

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Over 50's plans are suitable for people with pre-existing medical conditions

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Majority of mums unprotected

8th March, 2018

Majority of mums unprotected

A study by Scottish Widows has revealed that the majority of mums are unprotected against financial shocks. 60% of women with dependent children had no life cover in place, with only 13% having taken out a critical illness policy.

Just under a third of mothers said that if they were to lose their income unexpectedly, their household would be under financial risk. Not only this, but a quarter admitted they would only be able to pay their mortgage for three months, with 39% saying that their savings would have to be used if they lost their income.

Those interviewed simply underestimated the value that they brought to the household, with nearly a quarter believing that they did not need life insurance. Despite a fifth also not seeing critical illness cover as a financial priority, research indicates that women with dependents spend almost 23 hours a week on childcare and housework. This would be expensive to replace should they face an adverse situation.

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