53% Of Dads Have No Life Cover
Due to research brought forward by Scottish Widows, around 4.5 million men with dependent children are not covered by any life insurance.
A deeper look into the results…
It was also apparent that only 16% of Fathers have made sure to cover their relatives financially by applying for Critical Illness Cover. This cover is vital for unforeseen circumstances that may happen including certain medical conditions such as Cancer.
A further look at the survey showed that 22% of Fathers were not prepared financially, despite having the option to take out Life Insurance. Only 28% were certain that their savings could securely pay for up to 3 months or more.
When is best to prepare?
Most people leave the option to invest in life insurance until a later time. Mortgage Advisors normally recommend taking out protection when taking out a mortgage, this is the most popular within customers. Additionally, other life events may get a person to start thinking about securing future finances, this can include a death within the family, or recent birth of a relative.
Death isn’t something people think about on a day-to-day basis. In fact, it’s something we try to avoid thinking about it – it is because of this, most people try to defer the task of obtaining life insurance.
It is the same situation when it comes to Income Protection Cover. Most people look to their Employer in hopes they will take care of finances if sickness occurs, but this outcome isn’t always guaranteed. It is often a cheaper option to take out cover in preparation at an earlier date.
Life Cover is not as expensive as most people think. It may only be needed for a short period, for instance until your mortgage is repaid or your children are finished with full-time education.
Insurers will help calculate the pros and cons of pay-outs when overviewing monthly premiums, if it happens that it is proven most beneficial then the cover should be relatively cheap – usually from as little as £10 per month.