Parents missing out on life insurance

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A significant proportion of British parents don't have life insurance - even though they are fully aware of the costs associated with looking after and bringing up young children, a new report has revealed.

The study, from Sainsbury's Bank, estimates that UK parents planned to spend a total of £5.29 billion, or £507.80 each, on keeping their kids entertained over the summer months.

But, even though parents have direct experience of the costs involved with looking after their own youngsters, many are neglecting to pay out for life insurance - even though policies can cost as little as £5 per month.

"It's so easy to underestimate how expensive it is to look after a child," Claire Moyles, life insurance manager at Sainsbury's, comments.

"Kids depend on Mum and Dad for everything, not just during the holidays, but throughout their whole childhood. Parents need to consider how their families would cope financially should something happen to them.

"Life insurance can help provide peace of mind knowing that your dependants could receive a cash lump sum if you were to die during the term of the plan."

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