Critical illness would bankrupt average household after 14 days

According to health insurance news today, a critical illness affecting the wage earner would leave the average British household running out of money after just two weeks. Aviva research indicates that the average British household would have enough cash to cover their expenses for one week. One in four of those surveyed could only access £100 without borrowing further.

The worrying situation could prompt many to seek critical illness insurance . Many Brits are thought to be extremely under-insured with just 37% of households covered by life insurance or critical illness insurance .

Aviva expert Louise Colley reportedly commented: We understand the huge impact that a critical illness or death can have on a family, both emotionally and financially. Money worries are the last thing a family would need at such a distressing time, so we would encourage everyone to take the time to consider life and critical illness cover to make sure they have adequate protection in place. The majority of British people see it as their responsibility to cover any loss of income in the case of them not being able to work due to a critical illness or death; but most simply don't have enough money to see them through this period. It is worrying how little money Britons would be able to access without further borrowing, and how big the shortfall could be when we consider how much a critical illness or bereavement could actually cost.