Financial value of parents being ignored - L&G

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."

More on Long Term Care

Government narrowly wins vote on social care reform amendment

Government narrowly wins vote on social care reform amendment

Vote in House of Commons passes 272-246

John Brazier
clock 23 November 2021 • 2 min read
Social care living costs will not count towards cap total government reveals

Social care living costs will not count towards cap total government reveals

“A real blow for people with less income and savings”

John Brazier
clock 18 November 2021 • 2 min read
Tony Müdd: Lies, Damn Lies & The Cap

Tony Müdd: Lies, Damn Lies & The Cap

'The idea that people will no longer face unpredictable or unlimited care costs as a result is patently not true'

Tony Müdd
clock 26 October 2021 • 5 min read

Highlights

COVER Excellence Awards 2021: All the winners revealed!

COVER Excellence Awards 2021: All the winners revealed!

Leading With Distinction

COVER
clock 03 November 2021 • 2 min read
COVER Excellence Awards 2021: The Night in Pictures

COVER Excellence Awards 2021: The Night in Pictures

A photo gallery from COVER Excellence Awards 2021, held at The Brewery, London, on 2 November.

COVER
clock 03 November 2021 • 1 min read
Gosia Bowling: The role of behavioural science in creating a menopause-friendly workplace

Gosia Bowling: The role of behavioural science in creating a menopause-friendly workplace

'The key to supporting menopausal women is creating a culture in which conversations are welcomed and expected'

Gosia Bowling
clock 02 November 2021 • 6 min read