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Women warned over lack of life insurance

Women warned over lack of life insurance

Category: Life insurance

Updated: 26/11/2012
First Published: 08/03/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

More women than ever claim to be the main breadwinners in their household, but they are failing to protect themselves adequately should they be unable to work, new research has revealed.

As females throughout the world celebrate the 100th anniversary of International Women's Day, research from Bright Grey reveals almost half of working women now describe themselves as the main earners in their family.

But despite the growing importance of the female wage in many households, the survey suggests thatwomen are less likely than men to have financial back-up should they be unable to work or even worse.

Over half of working women admitted that they have no life insurance cover in place, a product aimed at protecting their families financially in the event of their death.

Meanwhile, more than four in five female workers do not hold income protection products, and over three quarters admitted to not holding either a critical illness policy or private medical insurance.

"With women taking more financial decisions, it is vital that they do not leave out having adequate financial protection for themselves and their families when making their choices," said Roger Edwards, proposition director at Bright Grey.

"By buying a protection product that pays out if they are unable to work due to a serious illness or disability, women can ensure they protect both their household income and current lifestyle.

"It is crucial that women in the UK who are increasingly running their household finances are protected."

Whether you're male or female, protecting yourself and your family financially against any unforeseen circumstances should always be at the top of your list of priorities.

Arranginglife 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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