Over 3.4 million parents have no life cover

Sainsbury’s Bank estimates that over 3.4 million parents don’t have life insurance despite the inherent costs associated with looking after children, which the bank urges parents not to underestimate.

Research from the Bank indicates that during the school summer holidays alone, parents intended to spend, on average, around £507.80 each, or collectively £5.29 billion on keeping their kids entertained.

The Bank is urging all parents to regularly review their protection needs, in particular life insurance which does not need to be expensive with Life Insurance through Sainsbury’s starting from as little as £5 a month.

Claire Moyles, Life Insurance Manager, Sainsbury’s said: “It’s so easy to underestimate how expensive it is to look after a child. Kids depend on Mum and Dad for everything, not just during the holidays, but throughout their whole childhood. Parents need to consider how their families would cope financially should something happen to them. Life insurance can help provide peace of mind knowing that your dependants could receive a cash lump sum if you were to die during the term of the plan."

For this year’s summer holidays the biggest expense for keeping children entertained was estimated to be travel at an average of £158.30 per family, followed by shopping trips (£90.60) and special days out (£76.40).