More than half (53%) of fathers with dependent children have no life cover, according to research by Scottish Widows.
As the country celebrates Father’s Day on Sunday, an estimated 3.9 million dads are potentially putting their family at risk if they were to become seriously ill.
Out of 5,077 fathers surveyed, 21% are more likely to take out mobile phone insurance than to insure against serious illness, while just 16% have a critical illness policy.
22% admit their home would be at risk if they lost their income due to unexpected circumstances, with a further 28% saying they could only pay their bills for 3 months.
40% said they dip into their savings to make up deficits, whereas 42% claim their current savings would last no more than 3 months.
- 18% don’t see critical illness as a financial priority
- 19% believe they don’t need it
- 17% are unable to afford it.
Johnny Timpson, protection specialist at Scottish Widows, said:
“Our research shows that in the event of themselves or their partner dying, 22% of men with dependent children believe they could rely on state benefits to support their family.
“No matter what our personal circumstances, it is vital for all of us to ensure we have an appropriate plan in place to protect our finances, helping avoid the need to dip into our savings, which could present even greater challenges further down the line.”