Are you covered if your children need time in hospital?
Recent research from MetLife UK shows a large gap in income protection. Over half of working parents don’t have a financial plan in place if their child experiences illness or injury.
The research shares that 50% of parents wouldn’t be able to survive longer than three weeks without pay if they had to take time off work to care for their sick child(ren). Just 22% would last seven days, and 9% are unable to consider any time off.
There are lots of reasons why it’s so important to have income protection. Though it’s not nice to think about, you don’t want to be caught out. Say you need to take time off work to care for them. Do you have enough sick pay in place? 48% of all working parents admitted that they don’t have a savings pot set aside in case they need to take unpaid time off work or away from their business in the future.
Have you considered expensive medical bills, such as special equipment or modifications to your home? You might also need to cover extensive travel costs and hire help at home. 26% of working fathers and 30% of mothers are without any childcare support should they need it in an emergency.
What about job security? If you need to take several months off, will your job still be there?
Of course, affordability is the leading factor in parents not taking out protection policies. But also, not understanding (or wanting to understand) what’s available. We get it. You never want to think about harm coming to your children…
However, in insurance, we are always wanting to look after our clients first (that’s you!). So, we can do the hard (and uncomfortable) work for you and create a bespoke policy.
Rich Horner, Head of Individual Protection at MetLife UK, said: “For many, particularly those who must take time off unpaid, self-employed workers, or those on zero-hour contracts, [taking leave] could have a severe financial impact.”
It’s important we raise awareness and accessibility together. As MetLife shares, they paid over 6,200 claims for children. ChildShield was launched in August 2023. It sets out to “complement” traditional protection products, enhancing family cover in hopes of closing the protection gap.
Get in touch to discuss your options! – 01494 358 835
Source: https://protectionreporter.co.uk/metlife-uk-reveals-over-half-of-working-parents-dont-have-a-protection-policy-for-their-kids.html and https://protectionreporter.co.uk/finance-news/metlife-finds-50-of-parents-wouldnt-survive-longer-than-three-weeks-without-pay-if-their-child-fell-ill.html?