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Parents failing to prepare for the worst
Over seven million parents admit to not planning for how their children would cope financially if they were to pass away.
Research by Bright Grey has found that more than 1.5 million parents have never thought about how their family would survive if the worst was to happen.
It is thought that being short on time or money could be reasons for inadequate planning, but one in ten expect their family to live off savings.
Roger Edwards, Proposition Director at Bright Grey said: "People don't want to think about the financial consequences of themselves or their partner not being around, but it is one of the most important areas of your finances to get right."
Data from the Association of British Insurers shows 13 per cent of people have cancelled their life insurance in the last year to save money.