Life insurance Updated:
Dads do more than £21,000 of work around the house a year, but are failing to protect themselves and families should anything happen to them, new research has revealed.
With Father's Day fast approaching, Legal & General has found that men spend 50 hours a week on household chores and childcare.
In all the work equates to a value of approximately £21,306 a year.
Yet despite the high price it would cost to replace the efforts of fathers up and down the land, many do not have suitable cover in place to help ease the financial burden should something happen to them.
Over a third of dads admitted to having no life insurance, while over two thirds have no critical illness cover, which pays out in the event of a serious illness.
Meanwhile, over three quarters have no income protection cover, which pays a regular tax-free income if people can't work because of illness or disability.
"None of us like to think about illness or death but the reality is that families need to ask themselves, 'How would we cope with all the domestic work and childcare that Dad does, if he suffered a critical illness or died?'," said Bonnie Burns, product development director for Legal & General's protection business.
"People shouldn't assume that extended family or the State will fill the gap.
"Given the current economic uncertainty, buying these products can help provide peace of mind for a family and help maintain its living standards if dad was critically ill or died.
"Now could be a good time to consider how to protect your family against financial hardship."
When married parents and those living as married were asked: How would your partner manage in the event of your death? The most popular response was to rely on grandparents to look after the children.
Just under a third said that they would work part-time, a move which would significantly reduce overall household earnings.
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