Critical Illness and Life Insurance High on the List for Aviva

Monday, March 8, 2010

Aviva recently commissioned a piece of research that once again highlights the shortfall of provisions made by Britons in the event of death or the onset of a critical illness.

The latest figures provided by one of the UK’s leading insurers, points towards the fact that only a quarter of Britons would have the ability to access only £100 before they had to start borrowing.

Without being able to borrow additional funds, the typical household would only have access to just over £900. When taking into consideration that the average weekly household expense list amounts to around £450, this is a scary figure and one that underlines the need for individuals to make provisions for these events.

The flip side of all this, is that the typical payment from Aviva for critical illness is £78,707. The difference is vast. However, only 37 per cent of Britons have critical illness coverage or life insurance.

Nearly 60 per cent of people believe it is down to the individual to make provisions against a fall in income against 17 per cent that believe it is the responsibility of the Government. Furthermore, nine per cent think that a loss in earnings should be something that is covered by the employer.

Louise Colley from Aviva has stated that to ensure that life insurance or critical illness cover is in place can help dramatically financially and also emotionally during extremely stressful times and is actively encouraging Britons to take up adequate coverage.


Steven Piper