Could you be putting your family’s financial security at risk without realising it? Research from Scottish Widows looked at the amount of dads who have life cover or a critical illness policy. Worryingly 53% of UK men with dependent children have no life cover and only 16% had a critical illness policy. Furthermore 22% of dads admitted that their family would face financial hardship if they lost their income. Many say their family would have to rely on basic state benefits to support them, such as the new government Bereavement Support Payment system, if their income was lost. You may be able to get Bereavement Support Payment if your husband, wife or registered civil partner died on or after 6 April 2017. In 2014, 70% of claimants were female, so it’s important that fathers seek advice to make sure their household is covered. Seeking professional financial advice could also help you to plan your family finance.
