They say you can't put a price on family. Well, unless you're in insurance, of course. With Mother's Day just days away, new research finds that our mums' daily household chores are worth almost £30,000 a year in life insurance payouts.
The value of a mother to a UK family, in terms of their daily contributions to household tasks, is on average £29,535 per year, according to new research from life insurance provider Legal & General.
Despite the significant value of mums, the study found that 47 per cent of parents don’t have life insurance in place. Presumably for fear of their children finding out how much they could make from insurance payouts if parents were taken out of the equation.
Steve Bryan, director at Legal & General Insurance, said: "with Mother’s Day this weekend it is important to remember how important the role UK mums play is in the upkeep of the family home. Raising a child is a huge challenge for all parents and the cost of doing so is ever increasing."
"Unforeseen circumstances such as illness or loss of income could damage a family’s financial stability. It’s therefore crucial that families plan ahead to ensure that their finances are safeguarded should the worst happen."