Recent research from Debt Support Trust has confirmed that many families in need of insurance policies don’t have them in place, should the worst happen.
Debt Support Trust’s charity advisors have helped people resolve £100 million worth of unsecured debts. Research from the information gathered found that 61% of people who have at least one dependent child didn’t have a life insurance policy in place. A further 30% of people who had a mortgage on their property didn’t have home insurance in place, which meant if a disaster happened they could be liable for the repairs.
Debt Problems: Can’t Pay for Insurance
The main reason people in debt gave for not having insurance in place was because they felt they could not afford to spare the money towards an event which may never happen.
The financial problems people face today means they cannot plan for the future or put precautions in place for a worst case scenario.
Stuart Carmichael from Debt Support Trust said “Life and home insurance is an understandable and acceptable expenditure when dealing with debts. It’s not a luxury cost but an essential outgoing each month.
Through helping people deal with their debts we can also ensure people are aware of the risks of not having insurance and support them to afford this essential expenditure.”
Debt Support Trust charity money advisors can assist people by assessing their financial position. By resolving the current money problems it allows people to create a budget to both deal with the debt and ensure their family is financially stable, should the worst happen.
Advice on debt problems and insurance is available from Debt Support Trust on 0800 085 0226.