Financial value of parents being ignored - L&G

clock

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 Marketing

Georgia d'Esterre named head of marketing at the West Brom

Georgia d'Esterre named head of marketing at the West Brom

Joins from National Friendly

Jaskeet Briah
clock 11 August 2023 • 1 min read

Financial Services Forum: Protection in a post-pandemic era

Watch the full webinar

COVER
clock 20 November 2020 • 1 min read

COVER editor Adam Saville to chair protection panel discussion

On Thursday 19 November

COVER
clock 17 November 2020 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read