Research by Legal & General (L&G) showed that just 63% of fathers have life insurance, 33% possess critical illness cover and 27% have income protection.
Alan Ferguson, protection marketing and channel development director at L&G, said: "Protection insurance can help provide peace of mind that a family could maintain its living standards if dad was critically ill or passed away.
"Given the economic backdrop, now could be a good time to consider how to protect your family against financial hardship."
The study showed that the value of a father to a household has increased since the company last undertook similar research in 2005.
Men now spend 53 hours a week on household chores and childcare compared with 34 hours four years ago, while the value of a dad to a family has increased from £12,738 to £23,000 a year.
Previous research from L&G showed that the value of a mother to a household has increased from £24,440 to £32,000 a year during the same period.
