New analysis(1) from Sainsbury’s Life Insurance reveals that today’s increasingly diverse modern family is far less likely to be financially protected in the event of death or serious illness.
Sainsbury’s Life Insurance analysis of Government data(1)reveals that in the past decade there has been a significant increase in households comprising unmarried couples with dependent children (35.8%), same sex cohabiting family units (40%) and single parent families (14.8%).
The new study(2) from the supermarket bank reveals that these modern family units are less likely than married couples to have life insurance or critical illness cover to protect their loved ones financially in the event of death or serious illness. While 37% of married couples living with children have life insurance, only 32% of single parent families and 31% of unmarried parents living with children do.
The research also suggests that only around 23% of those living in same sex partnerships have life insurance, and only an estimated 39% have life and/or critical illness cover, significantly less than married couples, 50% of whom have life and/or critical illness cover(5).
Helen Williams, Head of Sainsbury’s Life Insurance said: “Worryingly, our research suggests modern family units are much less likely to protect their dependents with life insurance or critical illness cover than the traditional notion of a stereotypical family. Whatever the make-up of your family, it’s important to ensure you and your dependants are financially protected. Having life insurance and critical illness cover gives you peace of mind that if you or your partner dies or cannot work due to illness, you could have one less thing to worry about at a difficult time.”
New Sainsbury’s Life Insurance customers could receive a £50 gift card(3) as well as double Nectar points for two years on all Sainsbury’s shopping and fuel(4).
When you know what cover you require, please contact Sainsbury’s Life Insurance for a quote or further information on0800 027 7166 (calls may be monitored and recorded). Further information is also available at www.sainsburysbank.co.uk or in store at Sainsbury’s. Sainsbury’s Life Insurance does not offer financial advice.
For further information, please contact:
Ian Morris/Tom Wilson
Citigate Dewe Rogerson 020 7638 9571
Notes to Editors:
(1) Sainsbury’s Bank analysis of People in families by family type and presence of children, United Kingdom, 2001-2011, from the Labour Force Survey, by the Office for National Statistics
(2) 2,026 GB adults were interviewed by ICM in an online survey between 3rd and 5th February 2012. Interviews were conducted across the country and the results have been weighted to the profile of all adults. ICM is a member of the British Polling Council and abides by its rules. Further information atwww.icmresearch.co.uk
(3) Terms and conditions apply, see www.sainsburysbank.co.ukfor full details.
(4) Customers could earn 2 points on their Nectar card for every £1 spent in Sainsbury’s stores. The Sainsbury’s Bank double Nectar point reward offers an additional 2 points for every £1 spent for two years. Therefore, the total combined reward is the equivalent to 2% off when you swipe your Nectar card at the till. Visit www.nectar.com for more details. Points are not available on a limited range of Sainsbury’s goods and services – see in-store or sainsburys.co.uk/nectar for details. Offer only available to customers who take out a new Sainsbury’s Life Insurance policy, excluding Sainsbury’s Over 50s Fixed Life Insurance Plan. You must continue to pay policy premiums for 2 years to continue earning double points. If the policy is cancelled, double points will cease from the cancellation date. Only the first Life Insurance policy registered against each Nectar account will qualify for double points. You may qualify for additional points by taking out other qualifying products. For full terms and conditions please see www.sainsburysbank.co.uk for details.
(5) The sample size for those living together in same sex partnerships is less than 100 and is therefore statistically less robust (…over page).
Percentage of people who only have life insurance Percentage of people who only have critical illness cover Percentage of people who have life insurance and/or critical illness cover Percentage of people who have both life insurance and critical illness cover
Households with children
Married couples living with children 37% 2% 58% 20%
Single parent families 32% 1% 42% 9%
Unmarried couples living with children 31% <0.5% 41% 10%
Households without children
Married couples living together with no children 34% 1% 43% 8%
Unmarried couples living together with no children 31% 4% 37% 2%
Households with or without children
All married couples 35% 1% 50% 14%
All unmarried couples 30% 2% 38% 6%
Source: Sainsbury’s Life Insurance
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Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury’s Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top Best Buy tables and regularly win awards for quality, price and service.
Sainsbury’s Bank recent awards in 2012 include Best Personal Loan Provider, Consumer Moneyfacts; Best Low Rate Credit Card Provider and Best Credit Card Provider for use abroad (Gold Credit Card), Moneynet; Best Loan Provider, Moneysupermarket Supers.
2011 awards include Best Overall Online Provider, Best Online Pet Insurance Provider, Best Online Personal Loan Provider and Best Direct Home Insurance Provider at the Your Money Awards. It was also named Most Competitive Term Assurance Direct Provider by Moneyfacts.
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