And according to the Financial Safety Net Report from Scottish Provident, some 15 million adults currently have people who rely on them financially, whether that be children, partners or elderly parents.
But many of these, usually much-loved dependants could be left high and dry should anything happen to those supporting them. Less than half, or 45%, of those financially responsible for others have any form of life cover in place.
When it comes to other sorts of insurance such as critical illness cover, the take-up is even lower at just one in five, while only one in seven has an income protection product.The insurer is therefore urging people whose salaries support others as well as themselves to protect the ones they love by taking out cover to provide for them should anything go wrong.
Susan Barclay, head of marketing at Scottish Provident, said: "With such a high proportion of an earner's gross income spent on those that they care for, it is vital that financial providers are protected so their dependants also have a robust financial safety net in place. "By not doing this they could be seriously risking their financial security as well as that of their dependants."
Who is supporting who?
While leaving a child or a vulnerable older person with no means of financial support is bad enough, a growing number of Britons in the so-called sandwich generation have to support both their children and their parents at the same time.
Scottish Provident's figures also indicate that 4% of British adults are financially supporting their mothers, while a further 3% have a dependant father. And providing for these relatives - younger or older - costs the typical adult with dependants two fifths of his or her gross income.
Barclay said: "There has been a rise in recent times of what is dubbed the 'sandwich generation' - people who have both children and elderly parents financially reliant on them.
"For these people, cover of some kind is even more essential."
What are the insurance options?
If you want to ensure that your dependants are financially protected in the event of your death, your best bet is a life insurance policy.
When deciding which policy to take out you will need to ask yourself a number of questions, such as whether you want the sum that would be paid out to remain the same during the term or decrease along with mortgage commitments, for example. Visit the life insurance channel on moneysupermarket.com for a full guide to this type of cover.
Life cover will do nothing to help you and your family should you get injured or fall ill and become unable to earn money as a result, though.
For protection of this kind, you have two main options: critical illness cover and income protection insurance.
How these policies work
Critical illness insurance pays a tax-free lump sum on diagnosis of any one of a list of serious illnesses. However, although these policies pay out for serious conditions such as heart attacks and strokes, some types of cancer, for example, are not included because they are not deemed life threatening.
It is therefore very important to check the terms and conditions before choosing a policy.
The same is true of income protection insurance, which is designed to cover outgoings such as your mortgage payments if you become unable to work due to illness or accidental injury.
Taking out insurance in case of death or illness is not the only way to protect your dependants from financial hardship, though. It is also even more important to have a savings pot set up to avoid unforeseen circumstances forcing you into debt if you are supporting others as well as yourself.
What are the best accounts for savings of this kind?
The point of rainy day savings is to be able to get your hands on them when you need them, so you don't want to tie your money up in notice accounts or fixed-rate bonds.
Fortunately, there are some great easy-access accounts available, despite the continuing low level of the Bank of England base rate. Kevin Mountford, head of banking at moneysupermarket.com said: "We are currently seeing healthy competition in the savings market with banks and building societies fighting for funds. As a result, rates have risen to unprecedented levels in relation to the base rate."
The best account on the market at the moment, for example, is Nationwide's MySave Online Plus, paying 3.05%. That's a massive 3 percentage points higher than the base rate.
You must pay in at least £1,000 to qualify, but this account is suitable for steady saving as it allows unlimited deposits up to a maximum balance of £3,000,000. The fact that you can only make one penalty-free withdrawal each year should also help less disciplined savers to avoid dipping into the account, while still offering immediate access when they need it.
The headline rate does include a 1.51% 12-month bonus, however, meaning that you will probably need to switch accounts after one year to avoid missing out on better rates elsewhere.
If that sounds too much hassle, you want more flexibility or you simply don't have £1,000, you could opt for the ING Direct Savings Account instead.
It pays 3.00%, offers unlimited withdrawals and can be opened with just £1. The rate is also bonus-free, although it is only guaranteed to remain at that level for the first 12 months you hold the account - so you will still need to keep an eye on it after that point.
Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.
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