Aviva promotes life and critical illness coverage
by Richard Kilner
New research commissioned by Aviva has revealed that the British household would only have enough money to cover bills for a fortnight should they or a partner suffer critical illness or death.
According to the research 24% would be able to access only £100 without borrowing, and that without borrowing the average household would have access to only £914, under half of average weekly expenditure (£471).
This is a figure dwarfed by the average Aviva critical illness payout of £78,707.
The insurer has warned that most Britons are unprepared for catastrophe, with only 37% possessing life or critical illness coverage.
Fifty-nine percent of Britons consider it the individual’s responsibility to cover any drop in income, but 17% believe it is the government’s responsibility with 9% expecting loss in earnings due to illness or death be covered by the employer.
Aviva’s Louise Colley has said that proper coverage can help alleviate money worries during a tragedy such as critical illness or death, and has encouraged households to take up life and critical illness coverage.