Life insurance Updated:
Millions of women are failing to protect themselves financially by neglecting to take out life insurance or critical illness cover.
Despite many women controlling the household finances, almost six in ten (59%) have no life insurance in place, figure from Bright Grey show.
In addition, more than 84% - equating to some 21 million women - do not hold a critical illness policy.
It means that the vast majority of females would see their income fall dramatically if they were to fall ill for any serious amount of time.
The majority (53%) of women stated this is because protection products are an added expense that they cannot afford. Meanwhile, just 17% of women said that they didn't envisage themselves or their family needing protection at any stage.
For many women, it appears that a lack of financial awareness around what protection products provide is a real barrier.
Some 12% of women said that they were saving money for an emergency situation instead of taking out a protection product.
"It is worrying to see that a large number of women have overlooked a key element of their financial planning, leaving them and their families financially exposed," Roger Edwards, proposition director at Bright Grey, said.
"While nearly half of women are now the main household earner, many millions have not realised the benefits that protection can give - not least because in a number of cases, they do not know enough about the range of products available.
"Having protection in place gives peace of mind that women and their families will be financially secure if their income suddenly stopped because of a long term illness or death."
In 2009, it was reported that many men were walking a health tightrope, as 20 million males had no cover for critical illness.
Male or female, those without cover should assess their situation today.
Arranging life insurance is not as time consuming or expensive as you might think, with well known names such as NatWest Life offering competitively priced products.
Post Office Life Insurance starts from £5 a month, while applicants for cover from Tesco Life receive a free £50 gift card.
Online applicants for Barclays Life Insurance get a 10% discount as well as receiving a £15 Marks & Spencer voucher (once the third monthly payment has been made).
Moneyfacts.co.uk have partnered with Torquil Clark Life Insurance to help you find the best life insurance deal.
Speak to an adviser about your life insurance needs
Under no circumstances should you cancel an existing life insurance policy until a new one has been arranged. Torquil Clark Life Insurance is a trading name of LifePolicies Direct Ltd which is authorised and regulated by the Financial Services Authority.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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