A third of parents in Belfast worry their family couldn’t cope financially without them

More than a third of parents with children under four (34%) worry their family wouldn’t cope financially if they were to unexpectedly die, new research has today revealed.

Despite this, the nationwide study, commissioned by Tesco Insurance and Money Services, found that almost four in 10 (38%) have no life insurance in place, while one in eight (12%) have no financial safety net whatsoever, highlighting a significant gap between parents’ anxiety and action. 

To bridge this gap and help more families access protection, Tesco Insurance and Money Services has launched ‘Free Parent Life Cover’.

The offering provides parents with £15,000 of free life insurance on their own life per child under the age of four for a period of 12 months. For parents who have been putting off protection, whether through concerns around cost, uncertainty about where to start or simply because life got in the way, it offers an easy way for families to take their first step into life insurance and protect what matters most.

Cost is the perceived largest obstacle standing in the way of parents taking out a life insurance policy, with three in 10 (30%) parents saying concerns around affordability are preventing them from getting covered. When household budgets are already stretched, it’s easy to see why life cover for parents can fall off the list. 

Yet in reality, many parents are overestimating the cost. Almost a quarter (23%) believe life insurance costs more than £50 a month, when in fact policies can start from as little as £5 a month for initial cover, depending on your age, health and level of cover required.

Free Parent Life Cover removes this common barrier to entry, with no bank details, medical questionnaire or lengthy application required. The cover lasts for one year, giving families a buffer to consider their longer-term protection needs, with no obligation to continue beyond that point.

With options designed for everything from young families looking to protect a new baby through to families with older children, there’s likely more flexibility than most people realise.

Ban Mahsoub, Partnerships Director at Tesco Insurance and Money Services, said: “We know that becoming a parent is one of life’s biggest and most joyful moments, but it also comes with very real financial pressures and responsibilities that can feel overwhelming. Our study highlighted the worrying reality that anxiety around their family’s finances is almost universal among parents, yet so many still don’t have any protection in place. It’s something that clearly weighs on people but easily gets pushed to the bottom of the to-do list when life gets busy.

“Life insurance provides your family with a lump sum to help them cope financially if you unexpectedly died, and Free Parent Life Cover makes it easier than ever to take that first step.

“There’s no cost, lengthy application process or commitment required, removing any reason to delay. Every family deserves the peace of mind that comes with knowing their loved ones are protected, and we’re committed to making that more accessible.”

For more information on Free Parent Life Cover or to take out a policy, visit: https://www.tescoinsurance.com/life-insurance/free-parent-cover/