Thursday 7th December 2006
Customers of Co-Operative Bank have been warned to ensure they have adequate health insurance.
The recommendation follows research by the banks insurance subsidiary which showed up to 57 per cent of 25 to 34-year-olds do not have protection against extended illness.
Other life-changing events were also not planned for, such as getting married, having a baby or buying a house.
Fiona Jackson, head of protection at Co-Operative Insurance, said: "It can be hard to visualise a future where we are not as healthy as we are now."
"In reality, people should use these life-changing events as the catalyst to consider their financial situation," she added.
Ms Jackson noted that cover must be sufficient to protect not just the individual, but any dependents.
Co-Operative Bank suggests that adequate insurance cover must allow for at least £150,000 for each dependent.
Among first time buyers, 35 per cent of women and 24 per cent of men recognised that a house purchase is a good time to reconsider personal protection.
According to Co-Operative Bank, the chances of a UK adult worker being off due to ill health for longer than six months are about one in seven.
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