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New research from Scottish Widows has revealed that 60% of women in the UK with dependent children have no life cover, leaving their families in a precarious situation if the worst were to happen.
The research also found only 13% of mums have a critical illness policy, leaving many more at risk of financial hardship if they were to become seriously ill.
Three in ten (31%) mums admit their household would be placed at financial risk if they lost their income due to unforeseen circumstances. One in four (25%) claim they could only pay their mortgage for a maximum of three months, while two fifths (39%) say they would have to use their savings to pay for such adverse circumstances.
The research also suggests that many mothers are underestimating the value of their role within the household. Almost a quarter (24%) say that they’ve not taken out life insurance because it’s not a financial priority or they don’t think they need it. And 7% of mums without critical illness cover say they’d rather take the risk of not having it than take out a policy.
“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,” commented 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 and just because someone doesn’t earn a salary doesn’t mean their contribution in the home shouldn’t be protected as it could be very costly to replace.”
If you need advice or assistance on personal protection or business protection, or any other financial matter, then contact our expert team today.