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Finance: Mum is worth pounds 40,000 a year.

NO-ONE can replace a mother, but to pay for the work she does at home would cost around pounds 40,000 a year.

Life assurance is usually bought to protect the income of the main bread- winner, so that should the worst happen the family do not lose that money coming in.

Whichever parent stays at home should make sure that they have insurance in the event of death as replacing their hard work at home can be very expensive.

The pounds 40,000 figure, from the Office of National Statistics, covers the cost for a childminder from pounds 100 a week or a nanny for up to pounds 20,000 a year.

On top of childcare, there's the laundry, cooking, washing up, cleaning the house - plus all the other jobs.

Life assurance does not have to be expensive.

A healthy non- smoking 30-year-old woman, looking to secure a lump sum of pounds 100,000 if she died within 10 years, will now pay just pounds 5 per month with Tesco, fixed for the whole term - a reduction on their previous rates of 20 per cent.

Terminal illness cover is included at no extra cost.

Cover is important for men too, and Tesco rates for them are also among the cheapest around - just pounds 5.54 a month for the same profile as above.

Life assurance for smokers is naturally more expensive as they are deemed twice as likely to develop a fatal cancer.

A 30-year-old woman who smokes would pay pounds 6.22 a month for the same Tesco cover.

At present women with mortgages are less likely to have life assurance, according to Internet life assurance providers Lifesearch.

And 85 per cent of those who do not have life assurance wrongly believe that their mortgage protection payments or critical illness cover would help the family by paying off the mortgage if they died.

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FUTURE: Play it safe
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Title Annotation:Features
Publication:Sunday Mirror (London, England)
Date:Jun 3, 2001
Words:321
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