Fathers Day is coming up but what is the ‘value of Dad’?

It’s almost Fathers Day and rather timely Legal & General has undertaken a ‘Value of Dad’ survey which found that Dads work around the house is worth just over £23,000.

The survey was done to understand how much it would cost to replace the work that Dads do around the home.

It seems that Dads spend 53 hours a week on household chores and childcare.

Interestingly, 46% of Dads would prefer not to work and be the one at home looking after the children.

The worry though is that for the key role Dads play, only 63% have life insurance, 33% have critical illness cover and less than 30% have income protection.

Protection Marketing and Channel Development Director at Legal & General, Alan Ferguson, said ‘Families need to aske themselves how they would cope with all the domestic work and childcare that Dad does if he sufffered a critical illness or died.’

He added ‘Protection insurance can help provide peace of mind that a family could maintain its living standards if Dad was critically ill or passed away. Given the economic backdrop, now could be a good time to consider how to protect your family against financial hardship.’

Without good protection insurance in place, there is a risk that some families could suffer financial hardship in the event of the Father’s death or critical illness or indeed as a result of the main earner losing their job.

Payment Protection Insurance is one option available to help protect you financially if for some reason the family income is temporarily stopped.

For more information, you may find ‘Our article on Payment Protection Insurance or PPI, what is PPI and what does it cover?‘ useful.

You can also get a PPI quote quickly online so you can easily see what protection insurance you can get for what cost.