More families have satellite TV than life insurance, according to the latest Family Finances Report and several other 'luxuries' are prioritised above protecting the family finances in many households.
While 50% of households have satellite TV, only 40% have a life insurance policy in place. And while just 13% have cover for critical illness - which could protect the family financially if a main earner became seriously ill - 14% have mobile phone insurance.
The "lack of understanding" was to blame for many people not protecting their family with life insurance. Furthermore, many families simply don't feel comfortable about discussing their finances: only sex ranked higher on the list of topics families don't like talking about openly.
No-one likes to dwell on poor health or mortality, but by denying that illness - or worse - is even a possibility, people are stopping themselves putting measures in place to protect their loved ones. Too many people assume that someone else will step in and look after their families if they weren't there to provide for them, but the reality is very different.
Everyone has different priorities, and there's nothing wrong with spending money on a few luxuries - but families should consider what they would do if a main earner died or became seriously ill. These unfortunate situations can cause real hardship for families, but life insurance or critical illness cover could help to ensure the family can cover their costs.
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