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The Value of a Parent

Family Protection

It is hardly surprising, pure protection insurance is cheap (so the commission is poor), there is no benefit to the person purchasing (since they are protecting their dependents not them) and the best insurance is like household or car insurance i.e. if you don't claim you don't get anything back.

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The Value of a Parent

For anyone with dependents a rule of thumb should be that you are spending as much on your own protection as you are on the house and car. They are replaceable inanimate objects you are not.

For 30 years Legal and General have been calculating the value of a parent. This is an excellent piece of work which proves to the “doubting Thomas’s” why they need protection (Its also quite useful for parents to point out to their offspring the commitment they have given them!).

This years highlights are as follows:

• The value of a Mum is £31,627 per annum.
• The value of a Dad is £23,971 PA, which is 13% higher than in 2011.
• The day-to-day cost of raising a child to age of 18 is £154,440, which is 15% higher than in 2011.
• Less than a third of parents had any Critical Illness Cover (29%), Income Protection (14%) or Family Income Benefit (12%).
• Parents said they spend three times more on pocket money and treats each week than they do on insurance.

Clients can find a copy of the survey is on the client portal under the Individuals/Insurance sub directory, for others the research can be found at: Value Of A Parent Research 2015

If you or your children would like a protection review do please get in touch.

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