More Than Half of Dads Have No Life Cover

More Than Half of Dads Have No Life Cover

53% of men in the UK with dependent children have no life cover, equating to 3.9m dads, research from Scottish Widows suggests.

Moreover only 16% of dads have critical illness cover. The survey also found 22% of dads admitted their household would be placed at financial risk if they lost their income due to unforeseen circumstances, and 28% said they could only pay their household bills for a minimum of three months.

Why is this the case? Well in my experience, most people will only buy life insurance at certain times. For example, when taking out a mortgage or have just had a new baby.

If you speak to these dads, even these 53%, they know that they need to be doing something so why don’t they do it?

It’s just one of those things, you don’t wake up one day thinking “I must buy some life insurance today” “It not going to happen to me, I’ll get around to it” Of course rather like making a will. Sometimes you just don’t get around to doing the things that you need to do.

In the case of life insurance though, people are always surprised at how inexpensive it is. But I think really, 53% is way too high and I’m hoping that this will be a call to action for some dads to have a look at this and do the right thing.

 

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