A recent study from the insurer AXA has highlighted that although more and more households rely on women’s earning to meet their financial obligations, the increase in the number of women protecting their income and their family is yet to follow suit.
With over 4,000 women surveyed the results showed only 38% of women had life insurance and only 18% had critical illness cover. This is quite alarming considering recent government research has shown of the married couples across the UK, 44% of the wives earn at least the same amount as their husbands while 19% earn a higher income.
The research conducted by AXA also showed 27% of the women surveyed who have dependant children have sole responsibility in meeting the monthly mortgage payments. Of those without financially dependant children 36% are solely responsible for the financial obligation a mortgage imposes.
With many more women now in full-time employment and with this trend only set to increase the protection gap has to align with the increase in female breadwinners. The focus in the past has been that the men are the breadwinners and they are the ones who need to protect their income but times have changed.
These statistics are even more prevalent given that over many years mortality and morbidity rates have shown that although women tend to live longer than men, during their life span they tend to suffer more illnesses.
If you are considering protecting your income or your loved ones, whether you are reviewing an existing plan or wanting to take out a new policy we are here to help. Let us know and we will ensure you are fully aware of the options available and will make sure you get cover at the most competitive rates.
