Denise Saunders
Covering the Cost of parents' unpaid work
Raising children is not an easy task. I remember the early days when it was a real bonus to have a full night’s sleep when the children were very young. We knew that a heavy cold for a toddler or baby would inevitably mean one of us being up a few times during the night. How single parents cope is beyond me!
Take a look at what parents do throughout the year to keep the household functioning. According to research carried out by one of the major UK insurance companies mothers spend an average of 66 hours a week keeping the household functioning. Men apparently spend an average of 34 hours a week. The tasks included activities as cooking, cleaning, child care, housekeeping, driving, gardening, sewing and “other”. These figures seem a little high to me but it makes the point that parents do a lot of unpaid work.
If the unthinkable were to happen and Mum were injured or killed the fully able partner would find it very difficult to maintain full time employment and still perform all the tasks once performed for free by Mum. Something would have to give. Dad would either have to work fewer hours or employ a housekeeper, cleaner and/or nanny.
Unpleasant as it is, families should look at “what if” scenarios to make sound judgements as to what insurance policies they need to cope without a fully functioning parent. I generally recommend a package that includes income protection and “house persons” insurance, critical illness cover, and life insurance to pay off outstanding debts and provide an income.
Most income protection/house persons insurance will not pay out for the first 3-6 months. However there are contracts available, usually from Friendly Societies, which provide day one cover. This is particularly relevant if you are self employed or do not have income protection provided by your employer.
The cost of protection may be less than you imagine, especially if you can package the policies under one insurer. Don’t be caught out by the “it won’t happen to me’ syndrome.
Contact Langtons to review your insurance policies to ensure you prioritise your needs and have the most suitable protection package at the best cost.