Value of a dad = £23,000 per year

The value of the work that Dads tend to do around the home adds up to an average of £23,296, according to Legal & General’s ‘Value of a Dad’ survey.

The figure has almost doubled since Legal & General last undertook the survey in 2005, apparently suggesting that Dads now perform a greater amount of work in the home. According to the survey, men spend 53 hours a week on household chores and childcare, compared to 34 hours back in 2005.

Most of the hours Dads spent doing domestic work after devoted to childcare, with the average Dad spending 21.5 hours looking after the kids, 9.5 on housekeeping, 7.5 on cleaning and 6 on cooking.

The survey aims to highlight how vital a part Dad’s play in domestic life. The research found that just 63% of Dads have life insurance, 33% have critical illness cover and 27% have income protection. 23% have family income benefit.

Legal & General have warned that this low level of coverage could leave some families exposed and at risk of suffering financial hardship in the event of a father’s death or critical illness. The service asked married an co-habiting parents how they thought their partner would manage in the event of their death. 35% said that they would rely on grandparents to provide childcare while 30% said that they would work part-time.

Alan Ferguson, Protection Marketing and Channel Development Director at Legal & General said:

“Mums often get the headlines when it comes to domestic work, but actually Dads contribute a huge amount too. These days, the jobs involved in running a house are far more evenly distributed. It’s not nice to think about, but families need to ask themselves how they would cope with all the domestic work and childcare that Dad does if he suffered a critical illness or died. People shouldn’t assume that extended family or the State will fill the gap.”

“Protection insurance can help provide peace of mind that a family could maintain its living standards if Dad was critically ill or passed away. Given the economic backdrop, now could be a good time to consider how to protect your family against financial hardship.”

If you are considering taking our life insurance to ensure that your family is financially secure should the worst happen, TotallyMoney.com can help. Just visit http://www.totallymoney.com/insurance/ and enter your details to receive a tailored quote chosen from a comparison of the entire UK life insurance market.