Northern families are the most practical in the UK when it comes to facing issues like death and serious illness, according to Norwich Union.
Northern families are the most practical in the UK when it comes to facing issues like death and serious illness, according to Norwich Union.
Research revealed that 87% of Northern couples with children have life insurance to pay off their mortgage on the death of a partner compared to the national average of 79%. The most unprotected region is the Midlands where only 73% of couples have life insurance leaving families at risk of losing their home if a partner were to die.
The research also suggests that more families in the North cover themselves against illness than anywhere else in the country. 40% of couples in the North have critical illness cover (which pays out a lump sum if a serious illness is diagnosed) compared to 25% in the South.
Norwich Union commissioned the research among working mothers following a rise in repayment mortgages, which do not have essential life insurance built in. According to the Council of Mortgage Lenders around 68% of new mortgages are now on a repayment basis compared to 15% in 1992.
Willie Mowatt, head of protection at Norwich Union, commented: "Only 12% of women felt that their salary alone would cover the mortgage and they would still have the worry about the security of their job. Our research also found that it is vital, as repayment mortgages become more popular, that more people are not gambling with their homes."
-Ends-
Full details are available by visiting the website on www.norwich-union.co.uk or by calling 0800 015 2530.
Notes to Editors
- 1 in 4 males and 1 in 6 females aged 30 will suffer a critical illness such as cancer, heart attack or stroke before the age of 65.*
- 1 in 10 males and 1 in 33 females aged 30 will suffer a heart attack before they are 65.*
- 1 in 10 males and 1 in 8 females aged 30 will contract cancer before they are 65.*
- 1 in 21 males and 1 in 32 females aged 30 will have a stroke before they are 65.*
- Despite all this it is estimated that less than 12% of the UK working population held critical illness policies during 2000.*
- Fieldwork for research undertaken by Norwich Union took place during July 2001
- CGU plc and Norwich Union plc merged on 30 May 2000 to create CGNU plc, the UK’s largest insurance group and one of the top-five insurers in Europe with substantial positions in other markets around the world, making it the world’s sixth largest insurer based on gross worldwide premiums.
- CGNU’s principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales from ongoing business of over Ł27 billion and assets under management of more than Ł200 billion (as at 30 June 2001)From October 2000, the combined life and pensions, general insurance and retail fund management businesses in the UK operate under the Norwich Union brand, while the institutional investment business operates under the Morley Fund Management brand.
- Norwich Union’s news releases are available on this site
- A selection of images are available from the CGNU Newscast site at www.newscast.co.uk
- An ISDN facility is available for studio quality interviews. Call the press office on 08703 666873
* Source: GE Frankona – May 2001
For all life & pensions media enquiries 08703 66 68 73
For all other media enquiries 08703 66 68 68
Press office contacts:
James Evans
08703 66 68 78
07790 487105 Out of hours
Louise Goffee
08703 66 68 70
07810 057362 Out of hours