Don't assume that extended family or the State will fill the gap

Recent research has found that the number of fathers who have their income protected with an Income Protection policy has fallen a further 5% in the last two years.

It found that only one in five (22%) fathers now have income protection with two-thirds (64%) having life cover and less than a third (30%) critical illness cover.

This low take up could leave families vulnerable if a dad died or became seriously ill.

The study suggested that fathers did £21,306 worth of work around the home each year, averaging 50 hours a week on housework and child care, although this figure has dropped from 53 hours in 2009.

On average, 20 of those 50 hours are spent on childcare, 6.5 on shopping and household tasks, 7 on cleaning and 5.5 on cooking.

When asked how couples thought their partner would manage in the event of their death, the most popular response (42%) was to rely on grandparents to look after the children, with 31% saying they would work part-time.

This would have a significant impact on the overall household earnings and standard of living, and further noted that only 34% of parents have made a will.

So how would a family cope with all the domestic work and childcare that Dad does, if he suffered a critical illness or died?

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.

Without the right cover in place this could leave some families exposed and at risk of suffering financial hardship in the event of a father's death or critical illness, which is such a shame when it can be resolved so simply.

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Thanks as always for your attention - if you would like any help with the area i have talked about above, feel free to get in touch at - mark@themortgagemonkey.co.uk