More than half (58%) of men in the UK with dependent children have no life insurance, a poll shows!
According to Scottish Widows, this means that just over 4.5 million dads are leaving their families in a precarious situation if the unforeseen were to happen.
This has increased by five percentage points compared with 2017, a year-on-year increase of around 542,000 individuals, the protection provider said.
The poll of 5,022 adults found that despite a fifth (20%) of dads admitting their household would not survive financially if they lost their income due to long-term illness, only 18% have a critical illness policy.
If they were unable to work due to serious illness, 16% of fathers said they could only pay their household bills for a minimum of three months. And more than two-fifths (45%) say they would have to dip into their savings to manage financially, but 17% admitted their savings would last for a maximum of just three months and 12% said they have no savings at all.
In addition, many fathers are leaving themselves and their families unprepared for other aspects of illness or bereavement, with 16% saying they are not sure who would take care of them if they fell ill.
More than two fifths (42%) do not have the protection of a will, power of attorney, guardianship or trust arrangement in place for their families.
Gary Burchett, protection director at Scottish Widows, said recent changes to bereavement benefits, and their continued unavailability to those in cohabiting relationships, mean it is more important than ever for fathers to review their financial protection needs.
At Brunsdon, we believe securing life insurance protection for yourself and your family is an essential component for peace of mind. Please contact us or your Brunsdon Financial Adviser if you’d like further information.