It has been revealed that UK adults spend well over £10,000 a year on supporting dependents financially, underlining the critical importance of life insurance coverage.

According to a recent study, an estimated 15 million Britons provide financial support for others. On average, the cost of this care constitutes two fifths of the person?s salary.

Worryingly, of those who have the financial responsibility over other, less than half have any life insurance cover. Critical illness cover is held by only one in five adults and around one in seven have any form of income protection product.

In recent times it has become increasingly more likely that adults find themselves with both children and elderly parents that look to them for financial help. In particular with children who leave home to study but struggle with tuition fees and the cost of living.

With so many UK adults providing important financial support for close family and elderly relatives, it is imperative that the appropriate income cover is considered. It can never be over emphasised how important it is to protect yourself and your family financially.

Life insurance and income protection helps provide families with financial stability and peace of mind in the event of a sudden loss of income due to unforeseen unemployment or, more tragically, an untimely death. Critical illness insurance is designed to provide a lump sum cash payment in the event that the insured suffer serious illness or disease.

Taking out life insurance policies and critical illness cover need not be a time consuming experience and with careful planning and the right guidance, it shouldn?t break the bank either.