Everyone should look into taking out a life insurance product.
Karen Barrett, chief executive at unbiased.co.uk – the website which helps people find an independent financial adviser – stated life cover is a necessity for anyone with "dependents, financial commitments or a mortgage to consider".
She went on to note the 'It won't happen to me' attitude is still all too prevalent in UK adults and this could end up costing them a fortune further down the line.
Research by unbiased.co.uk has discovered at present 30 per cent of people are uninsured against death and critical illnesses – such as a heart attack or cancer – while eight per cent of individuals have cut back on protection in the past 12 months.
The study also found 15 per cent of people do not see income protection – which provides income if you can't work because of ill health – as necessary and 15 per cent claim that they cannot afford it.
"Consumers are simply choosing to let go of their financial security in favour of some extra cash in their pockets," Ms Barrett remarked.
Individuals should never take a chance with their monetary situation, especially if they have young children to look after.