Recent research has found nearly half of working women in the UK do not have any form of protection policy in place. 6 million UK mothers with dependent children have no form of life insurance and only 9% of mums have a critical illness policy.
These worrying statistics are despite 3 in 10 mothers stating their household would be placed in financial difficulties if they were to lose their income due to unforeseen circumstances and 1 in 5 claiming they could only continue to pay their mortgage for a maximum of 3 months following losing their wage.
At a time when a fifth of women claim to be the main breadwinner of the family, it is surprising that so many (15%) do not see insurance products aimed at protecting them and their family’s financial security as a priority. But it is not only working mothers who should consider protection, for stay-at-home mums it’s just as important. Should anything happen resulting in them not being able to continue providing the level of support to their families that they currently provide, it could be very costly to replace, such as child care.
Few are taking the steps to protect their families even though most of us would agree that financial products are at their best when protecting our loved ones. Whilst thinking about and discussing not being able to support our families is not pleasant, it will be worse if the time comes and they are left struggling. We must hope for the best but prepare for the worst.
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.