Omnium Wealth Management

Mothers lack financial protection

According to a recent study by Scottish Widows, many mothers in the UK are failing to protect themselves financially. A survey of over 5,000 adults revealed that three in five women with dependent children have no life cover and only 13% have a critical illness policy.

Although over 60% of women concede that their families would struggle to pay the bills and cope with everyday life if they were to fall ill or die, almost a quarter (24%) say that they don’t consider life insurance a financial priority or don’t think they need it. More than half (57%) don’t have a will or guardianship arrangement in place for their families.

When asked what they would do if they or their partner were not able to work for six months, 29% said they would have to rely on state benefits.

Johnny Timpson, a Scottish Widows protection specialist, said: “It’s just as important for full-time mothers to be insured and, just because someone doesn’t earn a salary, it doesn’t mean their contribution in the home shouldn’t be protected as it could be very costly to replace.”

“The value of protection is to provide peace of mind about having financial security in place for your dependants.”

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