A report from Scottish Widows has shown that British families rarely review their finances. One third of parents have no life insurance, and 72% have no insurance if they become critically ill or are unable to work.
The research found that one in five parents have a mortgage without any associated life assurance, which puts their home at risk.
After the birth of a child, only 10% reviewed their life assurance needs, and 26% reviewed their needs for critical illness cover.
This compares to 14% who reviewed their credit cards!
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