Protection gap hits 11.7 million families
Analysis looking at the size of the protection gap in the UK showed some 11.7 million unprotected households in the UK – offering a huge untapped market for brokers looking to help their clients.
In addition Aviva’s research revealed that 31% of families have no contents insurance in place. Across England alone, this equates to more than 3.9m households and means as much as £139.6bn worth of possessions are unprotected and at risk of theft or damage.
With the average family having to spend £505 each month on housing (rent or mortgage repayments), by failing to protect their incomes, families are at risk of losing not just their financial security, but also potentially putting the family home at risk.
Louise Colley, managing director of protection at Aviva, said: “A significant proportion of British families are failing to keep not just their homes and valued possessions protected, but also themselves.
“Not having appropriate insurance leaves families at risk of falling into debt – or worse, losing their homes – should the main breadwinner become unable to work. We’d urge every family to check their financial foundations to assure themselves they are secure and protected against all eventualities.”