October 16, 2020


Just one in five new parents have life cover

First-time UK parents spend more than £469 million each year preparing for the arrival of their first baby, but new research has found that just one in five have life cover.

An Aviva study * of 2,000 recent parents found parents across the UK spent over £469 million in total on baby essentials such as prams, baby clothes, cots, car seats. Meanwhile one in five new parents (20%) moved to a bigger house, with the majority paying around £45,291 in the process.

However, Aviva found a “worrying” proportion of new parents could be risking their children’s financial futures by not taking out life cover.

One in five said they had taken out life insurance or reviewed their protection needs at this time.

New parents were twice as likely to start a savings account for their new arrival, with two out of five (59%) saying they’d taken this step.

Paul Brencher, Aviva UK Health and Protection Director said: “Considering that buying your first house and starting a family are traditionally the most common life events that prompt the arrangement of life insurance. It is very concerning to see that nearly three-quarters of first-time parents are not protecting their families’ future financial wellbeing. Additionally, a large proportion of UK adults have little or no savings** that they could rely on to help weather the financial fall-out of an unexpected loss of income due to ill-health from a working parent.

*Aviva research Jan 2020

** The Financial Conduct Authority’s report The financial lives of consumers across the UK updated in January 2020 found that one in eight (13%) of UK adults have no cash savings. With 32% having savings of less than £1,999.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

Call me back

Interested in related stories?

Jon’s moving story – being diagnosed with cancer.

The protection industry pays out over £5.7bn in claims in 2019

What questions will an adviser ask me?

Will my claim be paid?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.