We’ve just celebrated Father’s Day and yet we’re concerned the majority of fathers in the UK are not protecting themselves financially, according to research by Scottish Widows. It has been reported 58% of fathers have no life insurance.
What does this mean?
Fathers are putting their dependents at risk in the event they lose their main source of income.
This is an increase of 5 percentage points since the same survey was conducted in 2017, meaning more households could face financial instability.
Even fewer men (18%) with dependent children had taken out a critical illness policy, but 20% said their household wouldn’t survive financially if they lost their main source of income.
When asked how they would manage in this scenario, 45% said they would have to eat into their savings.
For 17%, these savings would not last any longer than 3 months, while 12% don’t have any savings at all.
“Many fathers don’t consider having insurance as a necessity. The value of protection is to provide long-term peace of mind about having financial security in place for your dependents. Recent changes to bereavement benefits mean it’s more important than ever for fathers to review their financial protection needs and seek advice to make sure their household is covered.” Gary Burchett, protection director at Scottish Widows
The aim of life insurance
Cover is to provide money for people who financially depend on you.
If there is no one who will be financially distressed by your death, life insurance is probably not essential, though there are other reasons why it would be useful.
One simple question:
“if you were in a fatal traffic accident tomorrow, would anyone else be left in the financial mire?”
If the answer is “yes”, then we should discuss your insurance needs, in order to ensure that you and your dependents needs are properly catered for.
We are committed to providing a first class service tailored to the individual needs of each client. To discuss this further, please contact us.