With Father's Day approaching in the U.S., the focus on family becomes more apparent. Experts say it's important for fathers - especially those who are having children for the first time - protect their families with a term life insurance policy.
Experts from British insurer Legal & General note men have shorter life expectancies than women and are often more likely to develop a fatal illness. The source noted that even though risk factors remain prevalent, families dropped their life insurance coverage by 30 percent between 2004 and 2011. That means an alarming number of families went without the vital financial protection life insurance offers despite the heightened risk men - often a main breadwinner in the family - are susceptible to.
Men are recommended to protect themselves and their family's financial interest with a term life insurance because an unfortunate incident could strike at any time, said the source.
Cancer, in particular, can be something some men can't avoid later in life. Scientists say prostate cancer is the most common cancer among men, with more than 200,000 new patients diagnosed with the ailment each year in the U.S.