National Account Manager for Protection, Craig Bryce, talks about the importance of life insurance for dads in the run up to Father’s Day.
Father’s Day is just around the corner. However, 58% of men in the UK with dependent children have no life insurance. A fifth have also admitted their household would not be financially stable without the main income, new research from Scottish Widows suggests.
Despite a fifth of fathers admitting their households would not survive financially if the worst were to happen to them, only a mere 18% have a critical illness policy. 16% said they could only pay for their bills for a minimum of three months and more than two-fifths said they would have to dip into their savings. 17% admitted their savings would last a maximum of three months and 12% said they have no savings at all. Scary!
The same research also stated that 42% of dads do not have the protection of a will, power of attorney, guardianship or trust arrangement in place for their families despite two thirds of fathers being the main bread winners. These figures really astonish me and I think that more has to be done by the industry to help fathers protect their families. As mortgage and insurance brokers it is our duty to start these conversations.
Many fathers don’t consider life insurance as a necessity and they don’t view critical illness insurance as a financial priority – they just don’t think they need it until it’s too late. Protection and insurance have a greater value than anything fiscal though. It can give long term peace of mind and security for loved ones. That is priceless.
Clients often assume that the worst won’t happen to them and it doesn’t bear thinking about. But the low risk of death also generally means lower cost insurance for your clients. That makes peace of mind worth paying for.
So this Father’s Day, let’s get dads in the UK talking about their life insurance options and help them to further protect their families.
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The figures are according to a sample survey of 5,022 UK adults – 15.17% of whom were dads. If spread across the entire population amounts to approximately 4.5 million fathers without cover.
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