What's the value of a parent?

Submitted on Tue , 09/04/2019

Messy house? Regular home insurance claims? Strange smell of banana and sick? Congratulations - the chances are you're a parent and have decided to raise a descendant or two!

Well those clever bods at L&G have been crunching some numbers about what YOU are worth as a parent (they've been doing this for 30 years don't you know).

So parents may tend to take their wages into account when deciding on a level of life or critical illness cover, but they often don't consider the unpaid domestic work they do. L&G research puts an average insurance value of the unpaid work that a parent does around the home.

Some key findings include:

£31,627 – the value of the domestic work a Mum does each year. For Dad's it's £23,971.
Less than a third of parents have any Critical Illness Cover (29%), Income Protection (14%) or Family Income Benefit (12%).

Parents said they spend three times more on pocket money and treats each week than they do on insurance.

Now, we understand that a Curly Whirly and Netflix is a great kids' treat on Saturday morning, but don't forget to ensure they are financially protected should the worst happen to YOU! You can't replace a parent, but you can protect against financial loss.

We would love you to contact us @moneysprite and chat through the options and see what cover you need and can budget for. Failing that speak to ANY good financial adviser, seriously, we're not bothered, don't give a monkeys, just make sure you take advice.

Mortgage Search

We can help you

Best Buy Tables

Top 10 Mortgage Tables

Our Partners