Just one in five parents actively planned for protection cover when purchasing their home, according to research from Vitality.
The poll of 2,000 homeowners with a mortgage found only 19% actively planned for protection cover when purchasing their home.
This was despite 43% wanted protection insurance to help keep life normal for their family if they were unable to work due to illness, while 69% would want it to cover mortgage payments.
The median time parents said they could continue paying their mortgage was just 4.5 months.
In the event they became too ill to work, 60% said they would fear losing their home, while half (50%) said they would worry about losing the ability to maintain a sense of normalcy for their children.
For 29% that would mean cutting back on their children’s activities and routines such as dance classes, football kits, and birthday parties.
Of those parents who already had protection cover, most took it out to meet financial obligations, such as covering the mortgage debt (33%) or to ensure financial stability during illness or job loss (33%).
A quarter said the main reason they took it out was because it was recommended by their mortgage adviser or lender (27%). Just 19% of parents said they did so to protect their family’s lifestyle, and only 7% associated it with preserving routines or supporting their children’s activities (6%).
Andy Philo, director of strategic partnerships at Vitality, (pictured) said: “Family life is often unpredictable and hectic, with parents balancing work, home, and the needs of their children.
“Among busy routines and changing circumstances, it can be easy to overlook the importance of looking after your health.
“Taking steps to improve and support your health, both now and in the future, makes a real difference not only to your own wellbeing but also to your family’s security and happiness. By prioritising healthy choices and planning ahead, parents can help ensure they are better prepared for whatever life brings.“
Philo added that protection was not just about paying the mortgage but also about safeguarding the life built and keeping things as normal as possible for children, even when the unexpected happens.