LONDON, March 24, 2015 /PRNewswire/ --
Parents are more likely to financially protect their mobile phone than themselves, research has revealed. Despite having families dependent on them, only 16% of parents have insurance to cover their income if they are too ill to work. In fact they are more likely to protect their mobile phone (21%) or pet (23%) against being out of action.
Parents with young families (children aged five and under) place greater importance on their mobile phones than the average parent, with nearly a quarter insuring them against damage compared with just 19% protecting their income if they are too ill to work.
The research, conducted by family focussed insurance brand There®, also showed that 27% of parents couldn't pay their rent or mortgage after just two weeks should the major breadwinner be out of work due to illness.
Clive Allison, spokesman for There®, said: "It is interesting to see how parents prioritise what, in their family life, gets financial protection - in some areas of the country people are more inclined to insure their fridges and freezers than themselves!
"Young families can find it tough to prioritise finances when they're juggling the realities of everyday life with small children. But not having income protection in place at a time in your life when savings are low, perhaps after moving house to accommodate new babies and so on, can leave the whole family vulnerable."
Interestingly it was shown that parents are slightly less inclined to protect their income as their children reach school age and become teenagers. 13% of parents with kids aged 14 - 16 are in fact more likely to insure their jewellery than their own income.
Expense was a key reason why parents haven't opted for income protection insurance. Nearly a quarter of young parents have never even considered it whilst others felt it was too complicated.
Clive Allison continues: "We know that insurance drops down the priority list because it is perceived to be more expensive than it actually is, can be full of jargon or too complicated. So our new There-in-one plan® offering Life cover, Too Ill to Work cover or both, is deliberately quick, easy and affordable to put in place.
"Having the proper protection in place to help ensure that the family won't be put under financial strain should an illness or injury mean they're unable to do their job for a number of months, can really help give peace of mind."
Source: The research was conducted by OnePoll on behalf of There® surveying 2,000 UK parents of two-16 year-olds. Carried out online October 2014.
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