One of the main decisions you need to make when taking out life insurance is how much cover you need.
People normally take into account their salary, but if they have children, they sometimes fail to consider the huge contribution a parent makes in caring for their family on a daily basis.
Determining the value of a parent
It's a value that is hard to quantify – and it's clear that nothing can replace the love and care that a parent provides. However Legal & General's value of a parent research demonstrates in monetary terms the value of the work that parents do around the home, by looking at how much it would cost to employ someone to do the same tasks.
The research was conducted on Legal & General's behalf across the UK between 18 and 25 January 2013. It showed that the average family spends around £8,580 a year raising their children – an incredible £154,440 over 18 years.
This doesn't take into account the value of the actual care that a parent provides. For example the research indicated that the value of the work a parent does around the home is £31,627 a year, or £608 a week. To put that into perspective, that's more than the UK average salary which sits at £26,884, or £517 a week.*
When taking out life insurance, one of the things that should be considered is how these costs would be met when you die. The value of a parent may be higher than you think.
Set up a policy from only £6 a month to financially protect your family. The sum you are covered for will vary depending on your age and other circumstances.