Life Insurance News: £60,000 Life Insurance Gap
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Article Published: 17-Apr-2007
Research by Sainsbury’s Bank has suggested that the life insurance protection gap in the UK now stands at almost £2.3 trillion and growing. That equates to around £60,00 per person aged 18-64.
This is due to most people underestimating their true worth when calculating their life insurance cover; as a result many are underinsured.
Steve Johnson, of Sainsbury’s recommended: “When making an assessment of the amount of cover you need from your life insurance, you need to consider not just your debt and your income but your dependants and unpaid work that you do. Such unpaid work could include cooking, cleaning and looking after your children as these chores would be worth thousands of pounds a year.”
He also said: "The value of any unpaid work in the home is regularly undervalued, and it is important that we consider how our families would cope, both personally and financially, if a parent was to die.”
Source: Insurance-4-life.co.uk
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