Adequate life insurance for hard-working Dads?

Adequate life insurance for hard-working Dads A dad's workload is worth far more than his monthly wage packet – a fact which is often overlooked when taking out life insurance, ASDA Financial Services has said.

The salary from the main job is just one of many contributions a dad makes to the family finances. From DIY around the house to helping with homework – if dads were paid for these jobs, they would earn £16,484 a year on top of their main salary, ASDA experts have found.

Their calculation includes an average 156 hours of DIY a year, which makes up for nearly half of the amount, but also includes activities such as helping with homework, giving the kids a lift to friends' houses or activities, washing the car, tending to the garden, mowing the lawn, and driving lessons.

Therefore, should the worst happen, a family would not only lose their main provider and his salary, but would also have to spend considerably more money to have these unpaid jobs done by somebody else.

Life insurance policies pay out a capital lump sum to the beneficiaries should the policyholder die or be diagnosed with a terminal illness during the term of the cover. They provide peace of mind and help the survivors to cover expenses such as mortgage payments, outstanding debt, or funeral costs.

On the occasion of Father's Day, ASDA therefore urges families to check if their head of household has adequate life insurance, including provision for their unpaid activities.

With lots of policies starting from less than £10 a month, life insurance is far more affordable than most people think, ASDA's Head of Insurance, Gideon Ingham, said.

He commented: "Dad's financial contribution to the household via his salary is just the tip of the iceberg. Considering how inexpensive cover is, it's astounding how many families overlook life insurance for the person who is often the main bread winner in the family."

"Life insurance should be accounted for as part of the family budget in the same way that birthdays and holidays are," he recommended. "It really is best to be prepared for every eventuality."