More than half of parents with children under 18 have experienced work, childcare or financial issues following a child's illness or injury, according to research from MetLife UK.
The provider's Everyday Risk Report found 57% of parents had experienced at least one such issue, while 21% had taken annual leave or sick leave at short notice to care for an ill or injured child.
Despite the potential financial impact of hospital visits, MetLife found just 7% of UK adults have a hospital related protection policy in place.
Among parents who had been forced to take time off work, 15% experienced stress or anxiety about the financial impact. Some 11% said they had sent a child back to school or childcare while they were still unwell because they could not afford to take any more time off.
The research also found 24% of UK adults said they or someone in their household had visited A&E during the previous 12 months, while 15% reported an overnight hospital stay within their household.
MetLife cited separate data showing that around 200,000 children in the UK break a bone each year, while hospital visits have increased by 5.2% year on year.
The findings come as household costs remain under pressure, with MetLife citing ONS data showing average weekly household expenditure for families has risen by £53 year on year to £677.
Phil Jeynes, head of individual protection at MetLife UK, comments: "We get it - parents are often forced to make tough decisions about household spending.
"With the cost of raising a family on the rise, protection insurance may not feel like a financial priority for cash-strapped parents, and many think of insurance as a last resort rather than something which can help protect the everyday.
"Protection is not only about what happens in a worst-case scenario; it can help with the more common disruptions that put household budgets under pressure - a broken bone, a hospital stay, a child’s illness, or a short period away from work. And it also includes useful extras such as 24 hour GP access, meaning parents can jump the queue and get their child access to care at any hour."
