Life insurance Updated:
The value of work that mums do around the house continues to increase, yet the number that have life insurance, critical illness cover or income protection cover remains low, according to a new survey. The cost of replacing the domestic work that mums do at home now amounts to a staggering £32,812 a year, over £8,000 higher than when Legal & General last conducted the research in 2005. It also easily eclipses the value of the household jobs done by dads, which comes in at £23,296. Yet despite this, just 53% of mums have life insurance, only 26% have critical illness cover and 20% have income protection. "Mums are a rock for many families, making sure that the home runs smoothly, that the children are looked after and often holding down a job of their own," said Alan Ferguson, protection marketing and channel development director. "Families need to ask themselves how they would cope with all the domestic work and childcare that Mum does if she wasn't around. People shouldn't assume that extended family or the state will fill the gap." "Life insurance and critical illness cover can help provide peace of mind that a family could maintain its living standards if Mum wasn't around. Given the economic backdrop, now could be a good time to consider how to protect your family against financial hardship."
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