Value of mums rockets above £32K - Life insurance - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Value of mums rockets above £32K

Value of mums rockets above £32K

Category: Life insurance

Updated: 26/11/2012
First Published: 16/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Stay-at-home parents do £30K of unpaid work

New research has found that stay-at-home parents do an average of £29,812 of unpaid work per year, and yet almost two-thirds of them don’t have any life insurance, creating a potentially dangerous situation if something were to happen to them.

51% of women lack a financial safety net

A new study has found that for 28% of women, the inability to support themselves or their families financially is their greatest financial fear. And yet, 51% of women have no form of protection against financial curveballs.

Lack of life insurance raises alarm bells

Many of us realise that we should have life insurance, yet far too few actually take the plunge and invest in a policy. This could be a big mistake, as failing to have sufficient protection could put your family’s finances in jeopardy.