Most fathers have no life insurance

The majority of fathers in the UK are not protecting themselves financially, according to research.

Ahead of Father's Day on Sunday, 17 June 2018, Scottish Widows reported that 58% of fathers have no life insurance, putting their dependents at risk in the event they lose their main source of income.

This is an increase of 5 percentage points since the same survey was conducted in 2017, meaning more households could face financial instability.

Even fewer men (18%) with dependent children had taken out a critical illness policy, but 20% said their household wouldn't survive financially if they lost their main source of income.

When asked how they would manage in this scenario, 45% said they would have to dip into their savings.

For 17%, these savings would not last any longer than 3 months, while 12% don't have any savings at all.

Gary Burchett, protection director at Scottish Widows, said:

"Many fathers don't consider having insurance as a necessity.

"The value of protection is to provide long-term peace of mind about having financial security in place for your dependents.

"Recent changes to bereavement benefits mean it's more important than ever for fathers to review their financial protection needs and seek advice to make sure their household is covered."

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