Its research showed that the average working adult supports three people with their income, including themselves, with 10% supporting five or more dependents.

But a life event such as a critical illness diagnosis could lead to several months out of work which could affect childcare commitments or the ability to pay monthly mortgage and rent payments on a reduced income, the company warned.

Yet just one in eight people have income protection cover that they pay for themselves.

Data from the research found that:

• 29% of parents with young children surveyed did not feel at all confident in their ability to cope financially if diagnosed with a critical illness
• One in five parents said they could manage less than one month without their income
• 15% said they would rely on loans/credit cards if unable to work for two months or more due to illness or injury
• 37% were worried about their own and their families’ financial security if they were to experience a major health problem or injury
• In the same situation, the same proportion of parents with young children (37%) were also worried about their families’ happiness
• Two in three parents were worried about the prospect of their child being seriously ill
• 5% of parents with young children have had an injury that led to two months or more off work in the last three years
• 7% of those with young children have had to take unpaid time out of work for an ill child in the last three years

Mike Farrell, protection sales and marketing director at LV=, said: “It is no surprise that parents are concerned about the wellbeing and happiness of their loved ones, yet some people will be unprepared for financial difficulty if they do not have the right financial safety net in place.”

• LV= surveyed 4,000 nationally representative UK adults via an online omnibus conducted by Opinium in between 23 November and 3 December 2023.