Mums Earn More In One In Six Couples

By Alison Steed

TEN times as many dads are now staying at home to look after their children than a decade ago, with women becoming the main breadwinner for one in six couples.

Around 600,000 men take on the role of stay-at-home dad while their wife or girlfriend works, up from 60,000 10 years ago, according to research from Aviva.

Nearly one in five couples share the childcare equally in their households, but for nearly nine in 10 households, the number of hours worked by at least one parent have fallen.

However, two in five women going out to work feel guilty for leaving their children, and one in seven admit to occasionally resenting their partner because they are having to go out to work. That said, fewer than one in 10 would swap places with their partner and become the stay-at-home parent.

Just one in 10 dads say staying at home to look after their children makes them ‘feel less of a man’, with three quarters feeling lucky to be able to spend time with their children. Nearly a third find looking after children more rewarding than working.

Louise Colley, head of protection marketing for Aviva – which offers free life cover for new parents – said: "Since launching free life cover for new parents last summer, it's been interesting to see that applications have been more or less equally split between mums and dads. This shows how the lines of ‘traditional' roles and responsibilities are becoming blurred - it's no longer necessarily men who look after the money and women who look after the children. We then thought it would be interesting to understand exactly how parenting roles are changing in order to understand the protection needs of our customers.  

"While generally speaking it's still more usual for men to take the more conventional role of the main income earner, our research shows that this is shifting and more women are becoming the breadwinners. While both roles are equally valuable, nowadays it's quite likely that women will be heading off to the office while men are changing nappies and doing the school run!  

"We'd advise anyone with dependent children to consider the importance of financial protection for their family - particularly if they are relying on one income."  

Aviva offers £10,000 worth of free life cover to new parents, per parent, per child up to their first birthday. Parents must register within the first six months of their children's birth.  

Find out more about the Aviva life cover for new parents at www.aviva.co.uk/life-insurance

Recently Bereaved

If you have recently lost a loved one, the last thing you want to be thinking about is your financial affairs. But sadly, someone passing away is inevitably linked with the financial fallout that is left behind for those who are responsible for dealing with their affairs.

You will need to think about everything from dealing with and paying for a funeral, to sorting out their will - if they have one - and dealing with the probate that goes alongside the finalising of their finances.

MyMoneyDiva will try to help you at this difficult time, with information on how to deal with funeral planning, inheritance tax and probate.

For many women, the first time they start to deal with their financial affairs for themselves is when their husband or partner dies, and that can be a frightening prospect. Don't worry, we will be here to help you every step of the way.

Buying Life Insurance? Thinking About buying Life Insurance? Read Our Top Tips..

Life insurance is a must for anyone with dependents who would struggle if the worst should happen, and many people choose their cover alongside their mortgage. But getting the right policy is not easy.

So specialist protection broker LifeSearch has come up with five top tips to help you get the right deal:

1. Shop around

2. Get the right type of policy

3. Buy enough cover

4. Consider single life instead of joint life policies

5. Use a trust

 The Life Insurance market can be very complicated to even the most experienced customer. To help guide them LifeSearch have put together 5 top tips on how to pick through all the options and choose the best policy to ensure your family is financially protected if the worst happens during the current economic turmoil.

1. SHOP AROUND

Always shop around and be careful not to trust your bank or any other tied source to provide the best price or advice. High Street mortgage lenders and supermarkets are usually tied to just one provider and can be very expensive. Make sure you speak to a company that is not tied to just one insurer and can advise you on the best policy for your own unique circumstances. Remember that no one insurance company can ever be competitive or suitable for everyone.

2. GET THE RIGHT TYPE OF POLICY

This might sound obvious; however, there are dozens of different types of life cover plans available. Known as 'Term Assurance' the most common form of life cover pays out should you pass away during a specific time period. However the amount of payout you receive can be level, increasing or even decreasing over time to protect a mortgage. Cover can also be paid as an income (known as Family Income Benefit) or a lump sum, and a range of other options are available including critical illness, waiver of premium, conversion, renewal and so forth.  There are also policies that run until you pass away, regardless of when this may be, so either do your research or speak to someone who can guide you through these options.

3. BUY ENOUGH COVER

£100,000 might sound like a lot today, but in ten years time this is unlikely to produce more than a few thousand a year in income, which wont last very long at all. We don't believe that any set formula works for every individual; however, insuring any debts, such as the mortgage with an extra £150,000 per young child would be a good start.

4. CONSIDER SINGLE LIFE INSTEAD OF JOINT LIFE POLICIES

Traditionally joint life cover was far cheaper than a couple taking one policy each. However, in recent years this has changed. Buying two single policies potentially provides double the cover, doesn't leave a surviving partner without cover later in life and often only costs a few percent more. Couples should compare the price between the two options before buying.

5. USE A TRUST

Every £100,000 of life insurance is a potential £40,000 tax bill under current Inheritance Tax legislation. A trust is a free and simple way to ensure that the monies go to the right person quickly and, as any asset under trust is not considered part of your estate, upon death the pay out is not taxable. Delays in estate planning can often occur as it can take months, if not years, for probate to be granted. Assets in trust bypass such delays meaning that the monies are paid promptly.

Source: LifeSearch