As mums up and down the country get ready to be pampered for Mother's Day – which is this Sunday, in case anyone needs a last-minute reminder – it's the perfect time to reflect on the importance of the mothers in your life. Given their essential role, it's worrying that most mums are lacking financial protection.
Research from Scottish Widows shows just how essential they are, as 31% of mums admit that their household would be placed at financial risk if they were to lose their income unexpectedly. Meanwhile, 25% say they could only pay their mortgage for another three months without their income, while 39% would have to use their savings to get by.
Despite this, 60% of women with dependent children have no life insurance, and only 13% have critical illness cover. This leaves many families at risk of financial hardship if the mother were to fall seriously ill, for instance.
The main reason mums give for not taking out life insurance is that they think they don't need it, and yet 61% say that with all the childcare and housework they do, their family would struggle to complete their everyday responsibilities without them. Clearly, this needs to be discussed, no matter how uncomfortable it may feel.
"Many mothers don't consider having insurance as a necessity, with almost a fifth saying they don't rate having critical illness cover as a financial priority," said Johnny Timpson, protection specialist at Scottish Widows. "But there's also the value of a mother's contribution to the home, outside of employment. It's just as important for full-time mums to be insured … as [their contribution] could be very costly to replace."
So, if you don't have a back-up plan in place yet, consider building up a sizeable emergency savings pot, or look into life insurance and/or income protection. That way, you can have the peace of mind knowing that your kids and partner won't fall into financial hardship if something were to happen to you.
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