Insurance gap leaves loved-ones unprotected
Families could be leaving their loved ones in a vulnerable financial position, as they do not reconsider their finances after having children.
Not only do some parents fail to refigure their financial positions, some do not have adequate cover in the first place finds a new report by Scottish Widows.
Nick Kirwan, director of protection marketing at Scottish Widows advised that parents should undergo a complete financial reassessment after giving birth to children, or even after moving house or job.
Almost a quarter of parents do not think about reviewing their financial protection after the birth of their child and the same proportion says they do not see the need, Scottish Widows reports.
Almost three quarters of people do not have insurance cover in the event of them being ill or unable to work and parents are 40 per cent more likely to review their credit cards than their finances after giving birth, says the survey.
Mr Kirwan said that parents should hold an assessment of their finances and cover themselves accordingly.
'The cost of bringing up a child is expensive - however the costs that dependents would face during a time of need would be far greater,' he advised. | 
