Tackling Misconceptions to Improve Family Protection

Tackling Misconceptions to Improve Family Protection PR Newswire LONDON, October 17, 2012 LONDON, October 17, 2012 /PRNewswire/ -- New research commissioned by Tesco Bank Life Insurance* reveals that over a third of British families (37%) have never discussed with their partner or another family member what will happen to their dependent children if either of them dies. http://photos.prnewswire.com/prnh/20121017/568123 Parents' reluctance to face up to questions about their own mortality is just one part of the 'family protection gap' identified in the research. Over 40% of all parents with children under the age of 18 do not currently have life insurance, with 60% citing money worries as a key reason for not doing so. Over a fifth (21%) of the parents surveyed focus on daily finances rather than looking at their longer-term financial planning because they don't realise how affordable it can be - 39% of those who don't have life insurance indicated that they couldn't afford it. However, the research shows that almost half (46%) of parents spend at least the equivalent of an average monthly life insurance premium (£15-£20) on some entertainment activities for their kids over just one weekend**. One in five parents also admitted that they don't really understand how life insurance works. Psychologist Honey Langcaster-James says, "There is a certain amount of reluctance on the part of many families to discuss what will happen if they or their partner dies.