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New research from Scottish Widows has shown that 62 per cent of British people have not put in place any long-term measures to ensure they can survive financially if they lose their household's main income.
Nearly half (45 per cent) of people said they will fall back on their savings if they or their partner was incapacitated by ill health or injury but the research found that 63 per cent of those that plan to do so only have between £500 and £1,500 saved up.
Scottish Widows has warned that inadequate savings coupled with no protection could leave many people seriously at risk.
Richard Jones, the protection market director at Scottish Widows, said that illness, accident or death can occur at any time irrespective of the economic climate necessitating the need for cover throughout.
"Seeking financial advice and taking out protection to meet your needs can provide a financial cushion when you need it most," he said.
"The lack of protection coupled with people's tentative approach to saving in the current difficult economic climate could result in families and dependents taking radical steps to make ends meet if illness, accident or death affects the household income."
Life insurance has become more affordable thanks to recent falls in premiums, LifeSearch stated recently.
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