More than half of working couples require both incomes to pay for their monthly living costs, according to research from LV=.
The mutual’s Reaching Resilience report which surveyed 4,000 UK adults found 53% of people who were in a couple and both working said they needed both incomes to pay all of their monthly living costs.
However it noted that married couples were more likely to have income protection than their single counterparts.
The research found that 75% of respondents said their income covered at least one other person, with a third of working adults supporting children living at home, with 8% supporting adult children.
More than a quarter (28%) of stay at home parents said their partner would have to take time off work if they were unable to look after their children due to illness or injury and 6% of respondents reported that their parents or in-laws relied on their income.
Mike Farrell, protection sales and marketing director at LV=, said: “Our latest research found that more than half of working couples are reliant on a second income to pay monthly outgoings.
“When applying for protection cover, many people focus on the main earner, but the household contributions of stay at home parents and caregivers are equally significant.
“If they were unable to do their everyday tasks, this could create financial difficulty if the family doesn’t have the right safety net in place.“
The mutual has also launched its protection matchmaker tool to help advisers use its menu-based proposition.
“Contemporary protection has moved beyond having a single insurance policy to provide a more flexible financial safety net,“ Farrell continued.
“We have been working with advisers to create a digital tool that will help them navigate the range of LV= protection options available.
“Advisers can easily design personalised protection solutions to suit the unique requirements of their clients, making a real difference to them and their families.”
