61% of mums have no life cover
Three in five (61%) UK mums have no life cover – meaning their family’s financial security is in danger if they died, Scottish Widows research has found.
Meanwhile less than a tenth (9%) of mums have a critical illness policy, leaving their dependents at risk if they became seriously ill.
Sarah Moore, senior protection manager at Scottish Widows, said: “No one likes to think about the worst happening to them, but in the case of mums it’s almost as if they worry so much day-to-day about their children that they forget to consider themselves.
“The value of protection, however, is to provide long-term peace of mind about having financial security in place for your dependents.
“With a new Bereavement Support Payment system in place from April, it’s more important than ever for women to review their financial protection needs and seek advice to make sure their household is covered.”
Three in 10 (29%) mums admit their household would be placed at financial risk if they lost their income due to unforeseen circumstances, while one in five (20%) say they could only pay their mortgage for three months max.