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A child's first day is a milestone, the first step in their educational career.

For those parents sending their children through private education it can be an important financial milestone too.

With private day schooling costing on average £9000 a year, this could leave a dent in their finances that they are unlikely forget and, unfortunately, that is just the start of it.

There are university costs to consider. So just when you think they have finally flown the nest, they end up costing you more than ever before.

And if you think once they have graduated you have done your bit then you should think again.

More first-time buyers are only managing to get on to the property ladder with their parents' help.

This can be parents lending the deposit, joint ownership or even the whole family chipping in.

Finally there is the wedding and grandchildren to think about. A parent's duty is never-ending.

It is little wonder that more people are working beyond retirement age then ever before.

Many of those aged 50-plus are paying for their children's education, still paying off large mortgages themselves or taking on second mortgages to help their children on to the property ladder.

The FSA responded to this growing trend with the removal of the Insurance Conduct of Business age 70 rule in 2007, allowing life cover to be sold to older consumers by a larger proportion of advisers.

With parents' finances being stretched and greater reliance on them by their children, the importance of financial protection for this age group and those they are supporting cannot be underestimated.

Mark Jones, head of protection for Friends Provident