•     A fifth (19%) of UK parents regret having no financial protection to support them should their child(ren) fall ill or have an accident
• One in three (34%) parents have had to take time off work to care for their child(ren)
• MetLife UK commits to supporting working parents and protecting their families

One in five (19%) UK parents regret not taking out a protection policy, which would have supported them financially if they needed to take time off work to care for their poorly child(ren), according to new research from MetLife UK.

This comes as two-thirds (68%) of parents have had to take time off work, or time away from their own business, to care for their child(ren) when they fell ill or were injured. Of these, a third (34%) have had to take unpaid leave and more than a quarter (28%) have had to use annual leave.

When it comes to the reasons why parents wished they had taken out financial protection, just over a third (34%) of parents admitted a policy could have provided them with financial support. More than a third (35%) said that having such a policy would have helped cover gaps in their salary, and a quarter (24%) would have benefitted from some help towards medical expenses. Almost three in ten (29%) parents said it would have helped them to avoid making financial cutbacks.

Despite parent’s regret for not having financial protection, just 15% of parents confirm they have since taken out such a policy in case their child(ren) became ill or had an accident.

For parents, even the best laid plans can go awry. And, when sudden illness or injury occurs prioritising the childcare needed (especially if for longer periods of time) which will impact work commitments can be difficult and stressful to juggle. To support, MetLife UK launched ChildShield, a standalone child protection product which from just £6 per month, provides financial support should parents need it.

Rich Horner, Head of Individual Protection at MetLife UK comments: “When it comes to our children – you really can’t plan for all of life’s good and bad surprises. With ChildShield, we wanted to offer parents a safety net. 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(ren).

“Raising awareness of what our 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.”