Research indicates that many families in the UK are at risk of financial hardship after it was revealed that one in four breadwinners do not have life insurance, after a survey of 2,004 people in December.
This figure represents approximately 8.5 million people, and MoneySuperMarket.com claims that 45 per cent of men have a life insurance policy, more than the 38 per cent of women who do.
The Association of British Insurers (ABI) says the average life insurance payouts are for £31,000, which means there is a gap of £263bn for families without a policy.
The most likely people to have cover are those in the manufacturing industry, where 69 per cent reportedly have insurance in place. 58 per cent of people working in construction also have a policy, whilst the least likely to have life insurance, by sector, are those in the health and education sector, where 42 per cent have taken out cover.
Kevin Pratt, of MoneySuperMarket.com, said: “Life insurance is there to help provide for your loved ones when they can no longer rely on your income. Anyone with a partner or children who are financially reliant on them should think about life insurance.
“Avoiding the matter can put loved ones at grave financial risk and it’s worrying to see how many breadwinners , male and female, are doing this,” he continued.