Not enough women are taking UK life insurance policies, leaving their dependents and family at risk of financial problems, according to research from a leading insurer. Protection specialist Bright Grey has found that 59 per cent of women in the UK don’t have any life insurance while over four in five have no critical illness protection.
Women are ‘seriously underinsured’ says report
Bright Grey’s Women and Protection report found that 59 per cent of women in the UK have no life insurance while over 84 per cent don’t have a critical illness insurance policy. Bright Grey conclude that women are ‘seriously underinsured’ at a time when more and more women are taking on more of the financial responsibilities at home.
53 per cent of respondents said that protection products are an expense they don’t feel they can afford whilst 17 per cent simply didn’t believe that they or their family would need this kind of protection.
Women urged to obtain life insurance quotes
The report encourages more women to compare life assurance in order to ensure they are adequately protected. It also suggests that a lack of knowledge could be a barrier to women in the UK having life insurance as 11 per cent of survey respondents said they would consider taking a policy if they just knew more about insurance products and what they did.
As well as the income that would be lost if a working woman died, households are being asked to consider what it would cost to provide childcare in the event of the loss of the mother. Life insurance can not only help to replace lost income but can also help with childcare costs and nursery fees.
So, if you are one of the six in ten women with no life insurance, isn’t it time you went online to compare life assurance contracts?