Less than a third of parents have adequate protection

The research from Legal & General ahead of father’s day also revealed that on average it would cost £21,601 to replace a dad’s contribution to domestic chores over the course of a year. The report looked at the monetary value that can be attributed to parents’ domestic jobs including cleaning, cooking and household shopping.

Paula Llewellyn, Insurance Marketing Director at Legal & General, commented:

“With father’s day this weekend it’s important for us all to recognise and appreciate the integral role that fathers and mothers alike play in the upkeep of the family home. Parenthood is an occupation in its own right, and juggling these duties alongside a job is a challenging task that’s not to be underrated.

“Raising a child is a huge job for all parents, and the cost of doing so is ever increasing. Our report shows that, despite most parents wanting to provide for their children until they’re financially independent, very few have protection in place should illness prevent them from doing so. Unforeseen circumstances such as illness or loss of income could damage a family’s financial stability. It’s crucial therefore, that those families plan ahead to ensure that their finances are safeguarded should the worst to happen.”