Total value of life insurance

Tue, 10 Jun 2008

According to a new report from Asda Financial Services, the workload that a father takes on is worth considerably more than his salary, and this also applies to mothers who are the main wage earners.

Asda say that fathers also contribute much unpaid work to the family home, including DIY, housework, lifts and more. Experts at ASDA have found that if dads were paid for these jobs they would earn as much as £16,484 per annum.

To reach the calculation, Asda added up an average of 156 hours of DIY, helping with homework, washing the car, and more. The study indicates that life insurance policies should bear this extra work in mind and compensate for its loss.

The Head of Insurance at ASDA, Gideon Ingham, was reported as commenting: "Dad's financial contribution to the household via his salary is just the tip of the iceberg. Considering how inexpensive cover is, it's astounding how many families overlook life insurance for the person who is often the main bread winner in the family. Life insurance should be accounted for as part of the family budget in the same way that birthdays and holidays are. It really is best to be prepared for every eventuality."
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