Parents Prefer Protection
1st June, 2015
Research from leading provider Aviva has shown that over one in four (42%) of parents have taken out Life Cover, with 20% also taking the step to create a will. The study also suggested that parents act quickly to provide financial protection for their children, with 52% having opened a savings account in their child’s name. In fact, the research also showed that by a child’s fifth birthday, parents had spent on average £35,000 on their children.
The research followed the launch of Aviva’s free parent life cover, which offers £15,000 of life insurance to parents up to the child’s fourth year. Louise Colley, Protection Director for Aviva, said: “It’s so important for parents to consider how they might cover the cost of raising a child if they were to unexpectedly lose an income through illness or even worse, bereavement.”
The research shows that the importance of protection increases as families grow and policies such as Life Insurance and Critical Illness cover are all part of providing “a fantastic and simple way to get some peace of mind, knowing that some cover is in place".
Family Income Benefit is an especially popular form of protection for parents. Normally cheaper than Level Term Assurance, it pays out a monthly amount to cover household expenses in the event of the policyholder’s death, to ensure that a partner or spouse can still continue to provide for themselves and the children. Pop over to our quotes page and check out our offers, to find that same peace of mind for you and your family.