19 May 2010 / by Lois Avery
Life insurance is not a priority for women despite their increasing financial importance in the home, according to AXA.
The insurer has discovered that only a third of women have any life insurance at all and only one in five are protected against critical illness, despite figures showing that women are now more financially important than men.
During the recession more men than women became redundant and with the past 30 years seeing a significant rise in female employment predictions suggests that by 2030 one in four women will be the main breadwinner in homes.
Over a quarter claim to have sole responsibility for paying the family mortgage, with 30 per cent solely responsible for the main household bills while 25 per cent and 29 per cent are solely responsible for children’s education and childcare costs respectively.
Alongside this, the gap in average pay is also lessening, leaving women in a financially more equitable position. Despite this, women are still failing to protect themselves when it comes to their dependants’ financial security, should they fall ill.
Yet despite all this only 38 per cent have any life insurance and only one in five protect themselves against critical illness, potentially leaving their families economically vulnerable if the worst were to happen.
Many women claim they ‘don’t need’ cover but figures from AXA show that one in 10 women who take out a combined life and critical illness policy will either die or suffer from a condition enabling them to claim before the end of their policy.
Jamie McIver at AXA says: “As AXA’s research shows women are becoming increasingly important to the family economy yet leaving themselves and their dependants desperately vulnerable. And the future is likely to see the situation getting worse.
“I would encourage women to start focusing on their financial well-being, so that they avoid the potential financial meltdown they could find themselves in if they aren’t protected.”
© Fair Investment Company Ltd
The figures above are based upon £100,000 life insurance only cover for female aged 25, non smoker and in normal health. Quotation based on 25 year level term and sourced on a guaranteed basis. (details correct as at May 2011). The quotes above provide an example of the difference in premium you can pay for the same cover. To ensure you get the right cover for your circumstances please complete our no obligation enquiry form to speak to a life insurance specialist.