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Majority 'could not help family or friends in need'
January 25, 2012
New research has highlighted the importance of purchasing protection, as many people would not be able to rely on friends or family members for financial support.
The majority of people would not be able to provide financial assistance to family members or friends in need, a survey has found.
Life cover provider Friends Life commissioned a poll which revealed that 13 per cent of people would expect to turn to family or friends for financial support if they were unable to work.
However, nearly two-thirds (64 per cent) of respondents admitted they would not be able to afford to provide financial support.
The survey also revealed that many people do not have critical illness insurance or life cover, with protection products often perceived as being too expensive.
More than half (57 per cent) of survey participants said they thought £100,000 of life cover would cost more than £11 per month, when it is actually available for about £6 per month.
Steve Casey, head of marketing and intermediary proposition development at Friends Life, said: "While human nature dictates that we don't like to think about it, there is action that we can take to protect ourselves and our family.
"In these tough times it is vital that people ensure they have adequate protection in place, and that means making sure that the right things are being prioritised."
Friends Provident Life Insurance
