30 Jun 2017
Nearly four million UK dads are potentially putting their family’s financial security at risk if the unexpected were to happen.
New research from Scottish Widows found
that just over half of men in the UK with dependent children have no
The study also shows that only 16% of dads have a critical illness policy, leaving many more millions at financial risk if they were to become seriously ill.
Fathers are, in fact, more likely to insure their mobile phones (21%) than to insure themselves against serious illness.
More than a fifth of dads admit their household would be placed at financial risk if they lost their income due to unforeseen circumstances.
Two-fifths say they’d have to dip into their savings to manage financially, but 42% say that their savings would last for a maximum of just three months.
Johnny Timpson, protection specialist at Scottish Widows, said: “Our research shows that, in the event of themselves or their partner dying, 22% of men with dependent children believe they could rely on state benefits to support their family. While this provides a basic level of support, we would firmly advise people to make their own provision for themselves and their families in order to provide peace of mind with the knowledge that there’s a financial safety net in place.
“No matter what our personal circumstances, it is vital for all of us to ensure we have an appropriate plan in place to protect our finances, helping avoid the need to dip into our savings, which could present even greater challenges further down the line.”
But the situation for mums is even worse than for dads when it comes to life and critical illness cover.
Other recent research from Scottish Widows revealed that 61% of women in the UK with dependent children have no life cover, while less than one in 10 of mums have a critical illness policy.
At Aberdein Considine, we can help you protect yourself from the unexpected, giving you financial peace of mind.