More than four in 10 (43%) UK adults do not feel comfortable speaking with their family and loved ones about what could happen financially should someone pass away or become critically ill, a poll shows.
This increases to more than half (54%) of millennials, but falls to one in three (34%) baby boomers, according to the research from Sainsbury’s Bank Life Insurance.
Karen Hogg, head of insurance at Sainsbury’s Bank, suggested that a simple chat about financial matters can help to reassure people, while getting a financial plan in place can also help.
The survey also found that only one in three UK adults (34%) has life insurance or critical illness cover.
“Life insurance provides people with a financial safety net for family or loved ones and being financially protected can also help to alleviate financial concerns,” Hogg added.
Almost one in five (18%) people believe they don’t have enough equity or money to need life insurance.