Adequate life insurance for hard-working dads?

A dad's workload is worth far more than his every month wage package �" a fact which is often overlooked when pickings out life insurance, ASDA Financial Services has said.

The wage from the main job is just one of many part a dad makes to the household finances. From DIY about the house to portion with prep �" if dads were paid for these jobs, they would earn £16,484 a year on top of their main wage, ASDA experts have found.

Their computation includes an norm 156 hours of DIY a year, which makes up for about half of the amount, but also includes activities such as portion with prep, giving the kids a lift to friends' houses or activities, washing the car, care to the garden, mowing the lawn, and drive lessons.

hence, should the worst happen, a household would not only lose their main supplier and his wage, but would also have to spend well more money to have these unpaid jobs done by person else.

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

On the juncture of Father's Day, ASDA hence urges household to check if their head of family has adequate life insurance, including proviso 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 family via his wage is just the tip of the berg. Considering how inexpensive cover is, it's astounding how many household 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."

©Fair Investment Company Ltd