Could you cope financially if your child fell ill?
4th November, 2019
We like to think that once a child becomes a young adult we can worry about them less, as they become financially independent through employment.
It may come as no surprise then that many parents surveyed by Mutual Wealth were more willing to pay for their 21-year-old’s phone contract, rather than prioritise cover such as critical illness.
But new research has revealed just how much financial strain could be put on a family if their adult child were to become ill and be unable to look after themselves.
26% of parents thought they could cope financially, but 43% said it would be a financial strain, and 30% admitted that they would struggle or not even cope at all.
A spokesperson at Mutual Wealth, who headed the research, pointed out the opportunity to support parents that clearly understand the risk, but are unwilling to prioritise critical illness cover.
Although a sensitive subject, advisers are doing more to break through the stigma and talk to clients about what might happen should a worst case scenario appear, so they are financially protected.