53% of Dads have No Life Cover
Recent research undertaken by Scottish Widow has shown that around 4.5 million men with dependent children are not covered by any life insurance.
What the research found.
It was visible 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.
The results have shown that 22% of fathers were not prepared, despite having options to take out life insurance. Only 28% were confident that their savings could securely pay for up to three months or more.
What’s best to do?
Most people have the option to invest in life insurance until a later time. Mortgage Advisors typically recommend taking out protection when taking out a mortgage, and additional other life events may get a person to start thinking about securing future finances, this can include death within a family member or recent birth of a relative.
Although people avoid the specific topic of conversation – it’s the thought process behind death why most people try to defer the task of obtaining life insurance.
The same applies to Income Protection cover. Most people look to their Employers in the hope they will take care of finances if sickness occurs, but this outcome isn’t guaranteed.
It’s often cheaper to take out cover in preparation at an earlier date.
Life Cover is very inexpensive for most people. You might only need decent cover for a short number of years, for example, until your mortgage is repaid, or your children are out of full-time education.
Insurers calculate the risk of a pay-out when calculating your monthly premiums, and if they think the chances are low, then cover will be cheap, sometimes as little as £10 per month.
The results have shown that 22% of fathers, although having the option to take out life insurance, were not prepared for any unforeseen circumstances.
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