Four million parents do not have life cover

The cost of raising children is often significantly underestimated, according to new research by Sainsbury?s Life Insurance.

However, it is calculated that up to four million parents may not have adequate life cover to pay for these costs, should anything unpredicted happen to them.

The growing cost of raising a child is highlighted by new Sainsbury?s Bank research which reveals that, over the summer holiday period alone, parents intend to spend around £705 each on keeping their kids entertained.

Research by Pregnancy & Birth magazine further suggests that parents spend over £50,000 just in the first five years of their child?s life.

Although some parents will have other forms of protection in place, this new research stresses the importance for parents to regularly review their arrangements and consider taking out life insurance, particularly given the many costs that are often overlooked when it comes to raising children.

Life insurance manager at Sainsbury?s Bank, David Pickett, said: "It?s so easy to underestimate how expensive it is to raise a child, and parents need to consider how their families would cope financially should something happen to them.

"Once you know what your cover requirements are, it is easy to shop around on the cost of life insurance, which provides the peace of mind that your dependents would receive a cash lump sum if you were to die."