Survey finds more people pay for protection when they have young children.

Recent research into young families has found almost half (42%) of parents take out some form of life insurance, and around a fifth have made a will.

A study commissioned by Aviva found that people in the UK are consciously taking steps to safeguard their children’s financial future.

The practice of opening savings accounts in children’s names was particularly common – over half (52%) of those surveyed had done so and were regularly paying money into one.

Slightly less popular were junior ISAs or Child Trust Funds – 37% of respondents had invested in this way. Approximately 8% had starting saving to cover future university costs or to purchase a house.

The study also found that by the time a child celebrates his or her fifth birthday, parents have spent on average around £35,000 on the child.

London was the most expensive region for child spending; costing parents 53% more than the national average.

The region with the lowest amount spent per child was Wales – where on average £4,900 was spent on each child per year. This was in comparison to London's £10,731.

Louise Colley, an industry expert, said: "As every parent knows having children can be an expensive business, but it's incredible to see how this stacks up over the years!

"This is why it's so important for parents to consider how they might cover the cost of raising a child if they were to unexpectedly lose an income through illness or even worse, bereavement.

"It's reassuring to see that four out of 10 parents with under fives have taken out life insurance, but we'd encourage the remaining six in 10 to consider the ‘what ifs' and take steps to protect their loved ones' futures.

If you have young children or a family, it is vital that you consider life insurance. Essential Insurance compare many of the UK’s leading insurers to get you the best policy - so you can be confident that you are getting the right policy to protect your child's future.

To get more information on a policy that will suit your family's individual needs, contact one of the team today – and we can get the ball rolling, so you can concentrate on playtime.