Legal & general has marked National family Week by pointing out the need to the financial value parents contribute to their home when assessing a family's need for financial protection.
The insurer's Value of a Parent report found that most underestimate the value of the unpaid work that they do by 55%.
It found the average cost of minding children reached £96.67 a week, while paying for childcare in school holidays such as half-term cost parents across the UK an average of £1,256.71 a year.
John Hyde, sales and marketing director at Legal & General Direct Protection, commented:"National Family Week highlights the importance of appreciating and spending time with family.
"The reality is that, if parents were paid for the domestic work they carried out mums would receive £608 a week and dads would get £461.
"With this in mind, it is important for families to have a contingency plan such as life insurance or income protection to make sure they are as prepared as possible should the worst happen."