We are in the process of buying a home and as part of the home
inspection it was found there was not a main disconnet in the
electrical panel. The sellers agreed to have one installed. They
just sent us note from a contractor stating "The panel in question is
a spIit bus bar panel with a main breaker for lighting and
receptacles only. Although it is outdated it is not an unsafe system.
These panels were
used frequently in new construction through the 1970's. (The house was
built in 1982)

My question: Is this something that really should be updated? We have
2 small children plus my parents lost everything in an electrical
fire several years back so I am pretty concerned.

Any advice, thoughts, would be greatly appreciated.

Thanks