Leading insurer urges you to consider the financial value of your dad

Father's Day gives us all the opportunity to say 'thanks' for all the things our Dad does for us. Millions of people got to celebrate Father's Day this June either as a child or as a parent and Brits spent an estimated £684 million on gifts and special treats.

While it's impossible to put a value on all the things that Dads do, a leading insurer has highlighted the financial value of a father and what it would cost to replace him if he were no longer around. Keep reading to learn more.

Do you know how much your dad is worth to your family?

In 2014, British consumers spend £467 million on Father’s Day gifts, £140 million on Father’s Day food and drink, and £52 million on Father’s Day cards and wrap. Celebrating all the things our dads do for us is great - but do we really understand what they are worth to us?

A leading insurer has revealed the true cost of a dad - and it might be more than you think. The 2015 Value of a Parent research by Legal and General has looked into the unpaid work a father puts in at home for his family in order to work out the financial deficit that a household might face if their dad wasn't around anymore.

While most partners only assume that dads do around 12 hours of chores around the home every week, the L&G research found that they actually do an average of 47.5 hours of unpaid work. As well as spending time with children, preparing and cooking meals and washing/tidying up, dads also spend hours driving to activities, gardening and shopping.

L&G have calculated that the total value of a dad to a household is £21,601 a year, shining a light on the problems that millions of households would face if they were to lose their father.

Millions of households simply don't have any protection in place to ensure they would be financially secure if dad were to suffer a serious illness or to die. L&G say that less than a third of parents (28 per cent) have any critical illness cover in place while even fewer have income protection (19 per cent) or family income benefit (13 per cent).

And, while those that do have some cover often take a person's wages into account, they frequently don't consider the unpaid work they do around the home.

Paula Llewellyn, Insurance Marketing Director at Legal & General, commented: "It's important for us all to recognise and appreciate the integral role that fathers and mothers alike play in the upkeep of the family home. Parenthood is an occupation in its own right, and juggling these duties alongside a job is a challenging task that’s not to be underrated."

Insurance such as critical illness cover or family income benefit can provide financial support in the event of dad passing away or suffering a serious illness. Many plans are designed to provide a monthly benefit, helping to give financial support to cover the cost of everyday living expenses in the event of death, terminal illness or critical illness during the term of the policy.

Ms Llewellyn from L&G added: "Raising a child is a huge job for all parents, and the cost of doing so is ever increasing. Our report shows that, despite most parents wanting to provide for their children until they're financially independent, very few have protection in place should illness prevent them from doing so.

"Unforeseen circumstances such as illness or loss of income could damage a family's financial stability. It’s crucial therefore, that those families plan ahead to ensure that their finances are safeguarded should the worst to happen."