"It's also important consumers consider speaking to their adviser about putting a policy in trust or nominating beneficiaries to ensure any benefit paid goes to the right people without delay."
- Jack Southcott, head of protection proposition at The Exeter
Of those surveyed (2,000), 23% said they are ‘confident’ that their loved ones would cope if they could no longer provide financial support. More than a third (35%) believe their family could ‘manage for a while’, and 22% feel ‘very confident’ their family would be fully protected.
Those aged 45-54 are amongst the least confident, with a third (33%) saying their loved ones wouldn’t cope financially in their absence. Only one in ten feel very confident that their family would be secure.
Notably, 75% of 25-34-year-olds say they are confident that their dependents would be protected – this is the most assured age group.
In terms of gender-related trends, two-thirds (67%) of men say they feel confident their loved ones would be secure, but less than half of women (49%) feel the same. Women are nearly twice as likely as men to say they are ‘not at all confident’ (9% vs 5%).
Individuals from companies with more than 250 employees are the most secure, with over two-thirds (67%) saying they feel confident that their family would cope. Worryingly, only 46% of those working for businesses with less than 50 employees feel the same.
“With only 22% of UK adults saying they are very confident in their family’s ability to be financially secure if the unexpected happened, it’s clear that many households would struggle to cope longer-term,” explained Jack Southcott, head of protection proposition at The Exeter.
He said: “Increasing consumer awareness of the valuable safety net provided by protection insurance is essential in improving the financial resilience of UK households.”
“Products such as Life Insurance can provide greater reassurance for individuals and their loved ones if the worst happens. It's also important consumers consider speaking to their adviser about putting a policy in trust or nominating beneficiaries to ensure any benefit paid goes to the right people without delay,” Jack concluded.
