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Mums need to consider life insurance

Date: Tue, 21 Mar 2006

The financial value of a mum is steadily increasing, according to a new study.

Life insurance provider Legal & General estimates that it would cost around £24,456 a year to employ someone to cover the various chores and errands performed by the average mother, compared to £10,608 in 1981.

Yet many women have not considered taking out a life insurance policy to protect their family if the worst should happen, even though premiums are becoming more competitive, with £6 a month providing nearly £100,000 of life cover.

Cheryl Clements from Legal & General said: "It is extremely worrying that only 17 per cent of women have taken out insurance on their own life, when it is clear from the research that families would struggle to cover the mother's work in the event of her death or critical illness."

However it is not only women that are falling to ensure they have sufficient life insurance cover, the study also discovered that just 25 per cent of men have a current life insurance policy.


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