Dads don’t just bring home the bread

A salary is just one aspect of a father’s contribution to the household – they also save the household a considerable amount of money by doubling up as plumber, builder, painter, decorator, odd-job man, chauffeur to the kids, and homework aid, which would all add up if other people had to be paid to do the jobs they do as part of their role.

A helpful dad who does more than just bring home the money would earn an additional ?16,484 a year on top of his salary, according to ASDA Financial Services, accounting for 156 hours of DIY a year and a whole host of other activities such as washing the car, gardening, and giving the kids driving lessons.

However, while this saves the family a packet by not having to pay separate people for each job, they could find themselves struggling in the event that tragedy struck and the family found itself not only without the dad’s income, but also without the money to pay for all the things he used to do as a matter of course. As a result, it’s often advised that dads — both current and future — take out adequate life insurance cover that encompasses not only their official salary, but also any additional money that would be needed to replace the extra work they do around the house.

Should the policyholder die or be diagnosed with a terminal illness, life insurance policies pay out a capital sum which can usually either be paid as a one-off lump sum or as instalments, to cover the cost of living for those left behind so that they can continue in the lifestyle to which they are accustomed. Cover can also pay off outstanding debts and mortgage payments so that the family can remain in their home, pay for school or university fees, and provide funds for funeral expenses.

A lot of people see life insurance as expensive and therefore opt out of buying, but with a lot of policies starting from just ?10 a month it’s a lot more affordable than people think. A dad’s financial contribution as the main breadwinner, as is often the case, is just the tip of the iceberg, so considering how inexpensive cover is, it is surprising to learn the number of people who do not insure their own lives – the most important asset of any household.

Mum’s contribution should also not be overlooked either, as for those who stay at home and take care of the children and the home — whether full time or part time — would have to be replaced by costly childcare, which is often a lot more expensive that a monthly life insurance premium. Furthermore, mums who go out to work whilst the dad stays at home contribute just as many potentially expensive services to the family as the man of the house.

Life insurance can be accounted for as part of a family budget, just as holidays, birthdays and family treats are. That way, a family can be prepared for any eventuality.

Daniel Collins writes on a number of topics on behalf of a digital marketing agency and a variety of clients. As such, this article is to be considered a professional piece with business interests in mind.