Father’s Day has recently passed, whilst families all over the UK celebrated their dads, 3.9 million UK fathers are placing their families in a financial risk by not having life insurance.
Whilst it can be unpleasant to talk about, should anything happen to a father with dependent children and partners, the financial implications can be dire – especially if they are the main, or only, breadwinner.
Having no financial planning for worst case scenarios leaves families vulnerable.
If fathers were asked what is more important to them, their children or their mobile phone – it would be extremely surprising if any opted for the latter option. Yet research by Scottish Widows found just 16% insured themselves against serious illness via critical illness cover, whilst 21% insured their mobile phones.
This low level of take up of products that financially protect their families during worst case scenarios is even more surprising considering 22% of dads stated their household would be in financial risk if they were to lose their income. A further 40% said they would need to dip into their savings to manage financially, and 42% said that their savings would only cover them for a maximum of 3 months. Just 28% believed they could manage financially past the 3-month mark.
Having life insurance or critical illness cover was not seen as a priority for the dads, with 22% stating that they would be able to rely on state benefits to support their family. State support is very basic, we would always advise people to put appropriate plans in place to protect their families and their financial situations.
If you would like to safeguard your family, contact one of our expert financial advisers today. They will be able to provide you with clear information and advise you on the best insurance products and policies for you. Call us on 01639 262222 or click here to send us an email.