Written by Rich Horner, Head of Individual Protection, MetLife UK
As a parent we never stop worrying about our children. That’s only natural. But the strain this can have on us, our partners and our children is significant.
Our latest research, which explored what it is like to be a parent, the challenges, the milestones, and the financial protection needed to support them, found that six in ten (61%) parents say the worry they have for their child(ren) causes them to feel stressed and anxious, with almost two in five (39%) also suffering sleepless nights.
Almost a third (32%) of parents are mentally and physically exhausted. But perhaps more concerningly one in five (20%) say the worrying is making them depressed, and almost the same number (18%) confirm it can cause arguments within the household.
Because we just want to protect our children, we think about everything from whether they’ll have an accident at the park to whether we’ll be able to get a doctor’s appointment should they need one. In fact, 87% of parents fear trying to get an appointment to see their doctor.
Unfortunately, this worrying doesn’t go away as our children get older. We simply have new things to think about. For example, whilst 95% of parents worry about their child’s general health, three in ten (30%) fear their children won’t take their health and wellbeing seriously as they get older. And one in ten (9%) admit they don’t or wouldn’t turn to anyone for support.
At MetLife, we are keen to help advisers to alleviate some of these worries for their clients – as well as for their clients’ children and grandchildren. That’s why our latest innovation is a child cover product, ChildShield, that can support parents and help relieve some of the stress they’re facing, particularly at a time when many households are struggling financially. The reality is that despite our best efforts, accidents and illnesses do happen, and when children suffer something serious, it’s vital that parents focus on being there in the moment rather than thinking about the financial impact or time needed off work. Having even one less thing to worry about could go a long way to removing some of the strain.
Previously, having a form of protection in place that supports families should their child(ren) have an accident or become seriously ill has historically not been easy to secure. That’s why we’ve designed ChildShield in consultation with financial advisers and families to complement traditional protection products, enhancing family cover and helping to close the protection gap.
From just £6 per month, ChildShield provides financial protection should parents need it – for situations such as having to take time off work to care for their child(ren) – removing some of the stress and worry parents face when their child is ill or has an accident. And because we never stop caring for our children, ChildShield covers all children in the family up to 23 years old – including stepchildren and children who no longer live within the same household. There’s no limit to the number of claims that can be made.
Beyond that, we wanted to offer greater support to help reduce some of the stress that comes with being a parent – which is why ChildShield includes a Wellbeing Support Centre Hub and a virtual GP service (GP24) to offer support 365 days a year, 24/7. Parents shouldn’t have to worry that they can’t get a GP appointment or prescription when it’s needed, so we wanted to address real concerns through a simple, affordable and practical product. ChildShield provides peace of mind, not just for the big moments, but for the everyday ones too.
