More than two-fifths of the population in the UK does not have adequate cover or savings if the main wage earner lost their job according to a major new research report by leading life and health insurance specialist Scottish Provident, the protection brand of Abbey National.
The survey of families, carried out by MORI Financial Services on behalf of Scottish Provident, shows that 41% of respondents would not have adequate protection insurance, savings or assets to draw upon if the main wage earner suddenly found themselves unemployed. Yet, the vast majority – 76% – dream of a life without too many financial worries.
In response to this serious and widespread issue of under-insurance, Scottish Provident has produced Families Inc, the first Annual Report designed to take the financial pulse of the average UK family.
The report, presented in the same way a company would release it annual results, puts the finances of a fictional everyday British family, the Smiths, firmly under the spotlight.
Nick Kirwan, Scottish Provident Head of Marketing & Product Development, says Families Inc had been designed for use by intermediaries as a sales tool.
He adds: “Our exclusive research shows there are still major opportunities for intermediaries to sell protection products and we believe Families Inc will help the sales process. While the number of people turning to protection products does continue to grow, clearly there is still room for improvement, and intermediaries can play a big role in helping to raise awareness of protection products.”
Included in Families Inc is a blank profit and loss account which can be used by families to
check their own financial situation and help pinpoint any weaknesses in current financial
Contact: 0141 944 3908 or firstname.lastname@example.org.
Families can also log on to a specially created Families Inc website www.FamiliesInc.co.uk and use the online calculator to assess their financial wellbeing.
Kirwan says: “We want to encourage families to take their 'financial temperature' on a regular basis, the way companies do.”
Other survey findings include: