One in five (19%) UK parents admitted regretting not taking out a protection policy for financial support if they needed to take time off work to care for an ill child or children, according to new research from MetLife UK.
The provider of protection, employee benefits and retirement solutions found that two-thirds (68%) of parents have had to take time off work, or time away from their own business, to care for their child or children when they fell ill or were injured. Of these, 34% have had to take unpaid leave and 28% have had to use annual leave.
Regarding the reasons why parents wished they had taken out financial protection, 34% admitted a policy could have provided them with financial support and 35% said it would have helped cover gaps in their salary. One-quarter (24%) said they would have benefitted from some help towards medical expenses and 29% believed it would have helped them to avoid making financial cutbacks.
Meanwhile, just 15% of parents confirmed that they have since taken out a policy of this kind in case their child or children became ill or had an accident.
Rich Horner, head of individual protection at MetLife UK, said: “When it comes to children, [we] really can’t plan for all of life’s good and bad surprises. With 40% of parents we spoke to regretting not having protection in place to relive some of the stress and financial worry, it is important to offer support to alleviate some of these concerns. Ultimately, when accidents and illnesses happen, we want parents to focus on being there to support and care for their child or children.
“Raising awareness of what simple and affordable protection products can do is key, especially in the current high cost and uncertain climate to ensure employees and employers are properly supported at both the exact time it’s needed; and for the future.”