Recently published statistics regarding the level of protection state that the average UK father has, reveals that a fifth say their household would be at risk if they lost their income.
More than half (53%) of men in the UK with dependent children have no life cover, research from Scottish Widows suggests.
The insurer said this means 3.9 million dads are potentially putting their family’s financial security at risk if the unexpected were to happen.
Only 16% of dads have a critical illness policy, leaving many at financial risk if they were to become seriously ill.
Fathers are more likely to insure their mobile phones (21%) than to insure themselves against serious illness.
The survey 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.
Two-fifths (40%) said they would have to dip into their savings to manage financially, but 42% said their savings would last for a maximum of just three months.
We would warn against reliance on state benefits which in reality would only provide only a basic level of support.
No matter what your personal circumstances, it is vital for all of us to ensure you have an appropriate plan in place to protect your family finances, helping avoid the need to dip into our savings, which could present even greater challenges further down the line (that’s if you have savings you can rely on, as many do not).
The survey found that 18% of dads do not regard critical illness cover as a financial priority, 19% said they do not think they need it and 17% said they cannot afford it (I wonder how many have actually had proper advice to assess this though as cover can often be tailored to achieve even the smallest budget).