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Satellite TV 'more common than life insurance'
January 27, 2012
Families often prioritise luxuries such as satellite TV and holidays over protection products such as life insurance, research suggests.
Families seem more interested in entertainment than protecting their loved ones, according to new research from life insurance provider Aviva.
The insurer's Family Finances Report shows that 50 per cent of families have splashed out on satellite television, yet just 40 per cent have purchased life insurance.
When asked about their plans for the coming year, 21 per cent said that booking their annual holiday was a priority, compared with just three per cent who plan to buy life insurance.
Louise Colley, head of protection sales and marketing at Aviva, said: "No-one likes to dwell on poor health or mortality, but by denying that illness - or worse - is even a possibility, people are stopping themselves putting measures in place to protect their loved ones."
Ms Colley warned that people who fail to consider life insurance or critical illness cover "could be putting the future financial security of their families at unnecessary risk".
She also revealed that many of the insurer's customers report feeling increased peace of mind after purchasing protection, as they welcome the knowledge that their affairs are in order.
Aviva recently reported that average levels of family debt have increased by 48 per cent over the past 12 months, highlighting the importance of putting protection in place.
Aviva Life Insurance
