2005
(28/11/2005) Older Dads find life isn't cheap
- Celebrity fathers lead the way as dads get older
- Life assurance and protection can be almost as much as four times more expensive at 50 than at 30
The age of first-time dads is soaring with second-time and even third-time dads also joining the trend. And the potential costs they face in providing for their new families is soaring too, figures from financial giant AXA show.
Famous older dads such as Sir Paul McCartney, Rod Stewart, David Jason, Eric Clapton and John Humphries have raised the profile - and the average age - of dads but it's not only rock stars, actors and interviewers who are having children later in life.
Recent Office of National Statistics figures1 show around 6489 children a year are born to fathers aged 50 plus. The most popular age range for dads is now 30-34.
Providing for a family later in life might not worry the celebrities too much but for less well-off dads it could be a problem unless they start protecting their incomes earlier, AXA believes.
A protection portfolio (including life cover, critical illness cover and income protection cover) for a 29-year-old man would cost three times less than the price of cover for a 49-year-old and almost four times less for the same portfolio for a 59-year-old.
"We strongly encourage people to think ahead and review their protection requirements with their financial adviser.
"Younger people who are home owners should consider their protection needs in any case. They'll count their blessings if they join the trend to later fatherhood," said AXA's Paul Bennett.
AXA figures show that a 29-year-old man would pay around £95 a month for income protection of £2,000 a month and life cover and critical illness up to £100,000.
However to achieve the same level of cover at 49 the cost would rise to around £280 a month and at 59-years-old to around £350 month.
- Ends -Notes to Editors
1Office of National Statistics data is shown by clicking on the following link:
- 3226 children a year born to fathers aged fifty years and above:
- Most popular age for father having kids:
http://www.statistics.gov.uk/downloads/theme_population/
FM1_32/FM1no32.pdf
Office of National Statistics web site is http://www.ons.gov.uk
More information
If you are a journalist and require further information contact one of our media team
About AXA
AXA is a world leader in financial protection. AXA's operations are diverse with major operations in Western Europe, North America and the Asia/Pacific area. AXA employs 120,000 staff and tied agents and, as of 30 June 2005, had €935 billion in assets under management. AXA reported total IFRS revenues of €37 billion and IFRS underlying earnings of € 1,761 million for the first half of 2005. Our previous company performance is not a guide to how we may perform in the future.
AXA ordinary shares are listed on the Paris Stock Exchange; AXA American Depositary Shares (ADSs) are listed on the NYSE under the ticker symbol AXA.