Scottish Widows has warned that just 39% of Brits feel that protecting their families in the event of death is essential, which has fallen from 53% in just four years.
In addition, only 28% feel that financial security for dependents in the event of becoming critically ill is a necessity. In contrast, however, 80% of us consider broadband as essential for daily living, while 71% can’t get by without a mobile phone.
To coincide with Stroke Awareness Month in May, Scottish Widows is highlighting the nation’s lack of financial protection should a serious condition like this be diagnosed.
Stroke occurs approximately 152,000 times a year in the UK – that’s one every three minutes and 27 seconds – and there are more than 1.2 million stroke survivors. It’s the single largest cause of death in the UK and second in the world, and by the age of 75, one in five women and one in six men will have a stroke.
Stroke was the third largest cause of critical illness claims at Scottish Widows in 2014, and the fifth largest cause of life cover claims. The company paid out more than £10.3 million for these claims – the equivalent of just under £40,000 every working day that year.
The average age of people who claimed for stroke-related critical illness claims was 48 for women and 50 for men. 66.6% of life cover claimants were male, compared with 54% for critical illness.
Scott Cadger, head of underwriting and claims strategy at Scottish Widows, said: “It’s worrying that many people consider internet connection and mobile phones to be greater financial priorities than protecting themselves and their families.
“Something like a stroke can often result in disruption to an individual’s ability to work and the loss of income for a pivotal member of the family can have huge repercussions for those who depend on them. It’s human nature to avoid thinking about the worst, but the peace of mind that financial protection provides can be very liberating.”