Struggling families 'should increase terms of life insurance'

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Struggling families 'should increase terms of life insurance'

Thu 12th May 2011

Struggling families may want to consider increasing the terms of their life insurance policy in a bid to protect their children, an expert has claimed.

Comparison service Confused.com revealed that 48 per cent of mothers do not have any life insurance cover in place to help families out during tough times.

With statistics showing that 60 per cent of parents would like to assist their children in paying for higher education, the company has urged people to reconsider their decision not to extend their cover.

Head of life insurance at Confused.com Matthew Lloyd expressed concern that many families do not have coverage in order to protect them should the worst happen.

Mr Lloyd said: "Life insurance and critical illness policies can also offer many additional valuable features for families that can be accessed at any time during the life of the policy."

This news comes after recent research from Axa revealed that home insurance fraudsters cost genuine policyholders around £13 per year due to an increase in people exaggerating claims.

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