Cover must change with parental roles

14 June 2010

The announcement in the Queen’s speech that mothers and fathers will be able to share parental leave highlights how much the roles of parents are changing.

Traditional divisions of responsibility are becoming blurred. More and more men are giving up work to ecome full-time fathers while women are increasingly becoming the main breadwinners.

While it’s still more usual for dads to be the main breadwinners, this is changing. Protection benefits such as houseperson’s cover that in the past have typically been targeted at women could now be equally valuable to male clients.

It isn’t just the income of the parent who works full-time that needs to be protected - recognising the value of the stay-at-home parent is just as important. The financial contribution of the parent who stays at home with the kids is the cost of the household jobs they undertake.

If that individual couldn’t do the cooking, the cleaning or the school run how much would it cost the family if someone else had to do them?

This is where houseperson’s cover could offer peace of mind and provide some financial benefit if that individual is incapacitated.

If they also work part-time their income will be important to the household finances and should be protected.

So Father’s Day on June 20 could be the perfect opportunity to review your clients’ family set-up and ensure dads don’t just get a crate of beer but a product that protects their financial security.

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