"At MetLife, we’re keen to raise the awareness and accessibility of these contemporary products to ensure parents are taking the correct cover to support their needs."
- Rich Horner, Head of Individual Protection at MetLife UK
Of those surveyed (3,003 employed/self-employed parents with a child aged 22 or under), 56% were self-employed, almost two in thirds (65%) worked part-time, and two in five (39%) were employed on zero-hour contracts. Yet, 52% of these working parents in the UK don’t have a protection policy in case their child/ren experiences ill-health or injury.
MetLife UK found that affordability (44%) was the leading deterrent for not having sufficient financial planning in place. This was followed by a lack of awareness of protection products (20%), and disinterest when it comes to investment in protection (9%).
While 52% of working parents don’t have a policy in case their child/ren experiences ill-health or injury, almost half (48%) have a protection policy for alternative scenarios. 51% have Life Insurance, followed by Health Insurance (36%), Critical Illness (CI) (25%), Income Protection (IP) (21%), and Mortgage Cover Protection (20%).
“While the cohort of working parents with financial protection in place for themselves is promising, many of these policies won’t cover them financially if they need to take time off work or away from their business to care for a child. And for many, particularly those who must take time off unpaid, self-employed workers, or those on zero-hour contracts, this could have a severe financial impact,” explained Rich Horner, Head of Individual Protection at MetLife UK.
Rich said: “At MetLife, we’re keen to raise the awareness and accessibility of these contemporary products to ensure parents are taking the correct cover to support their needs.”
In 2023, MetLife paid over 6,200 claims for children attached to existing products. “ChildShield remains the only standalone protection product and is designed with both financial advisers and customers in mind, it complements the traditional advice process, filling a gaping protection hole due to its affordability and it being a non-underwritten product – one that’s truly suited to all families,” he added.
READ MORE: MetLife UK announce launch of ChildShield
MetLife launched ChildShield in August 2023. This product was designed in consultation with financial advisers and customers to “complement” traditional protection products, enhancing family cover in hopes of closing the protection gap.
