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5 Aug 2020

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Dad's financial contribution needs protection with life insurance

Families in the UK have been urged to consider whether the financial contribution made by fathers is satisfactorily protected with life insurance as the dust settles on Father's Day, which was marked last weekend.

Writing in Scotland on Sunday, Teresa Hunter highlighted the vital role fathers are increasingly playing in the home as parental responsibility becomes a team effort.

The loss of a dad could have grave financial consequences for a family, especially since one third of fathers do not have life insurance, according to recent research by Legal & General.

Concurrently, only one third of fathers have critical illness insurance, while only one in four (27 per cent) have income protection cover.

And with men now spending 53 hours a week on household chores and childcare, the need for at the very least basic life insurance for both parents is vital, argued the author.

"There are various ways of providing an income for your family should you fall ill or die," wrote Ms Hunter. "One is to insure for a large lump sum, which can be invested to produce an income."

 

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Dad's financial contribution needs protection with life insurance - Life Insurance Advice