Sainsbury's Bank life insurance warning

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Sainsbury's Bank life insurance warning

While parents will splash out on keeping children entertained, they are neglecting to take out life insurance which could ensure their children's security if orphaned, Sainsbury's Bank has claimed.

In a new study, the bank has revealed that British parents spend an average of £507.80 over the summer holidays on items such as travel, days out and pocket money.

However, it also revealed that 3.4 million parents have no life insurance, despite Sainsbury's Bank's cover being available from £5 a month.

"Kids depend on mum and dad for everything, not just during the holidays, but throughout their whole childhood," said Claire Moyles, life insurance manager at the bank.

"Parents need to consider how their families would cope financially should something happen to them."

Earlier this month, Sainsbury's Bank's communications manager Natasha Virtue said there is "a growing trend" for people to seek insurance quotes online.

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