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Women workers warned over lack of life insurance

Women workers warned over lack of life insurance

Category: Life insurance

Updated: 26/11/2012
First Published: 15/02/2011

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 It is now over 6 months old so the content may be out of date.

Women who are increasingly taking control of their family's financial affairs have been warned that they are still failing to protect themselves adequately.

Almost half of working women describe themselves as the main breadwinner in their family, according to a new report from Bright Grey.

But despite the growing importance of the female wage in many households, the research suggests that women 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 that is aimed at protecting their families in the event of their death.

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

"As earnings levels even up and the level of financial responsibility in households is more equally divided, women could be putting themselves at risk by not protecting their income - especially if a household is dependent on their salary," said Roger Edwards, proposition director at Bright Grey.

"We are calling for women to have adequate financial protection in place for themselves and their families.

"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.

"There are various affordable protection options in the market, and it is critical that women in the UK who are increasingly running their household finances are protected."

If you're male or female and want to protect yourself and your family against any unforeseen circumstances, arranging cover is not as time consuming or expensive as you might think.

For instance, Sainsbury's Life Insurance cover starts from £5 a month, while Nectar customers applying before 28 March will receive a £50 Sainsbury's voucher.

Critical illness cover can also be added to the policy so that a cash lump sum is paid if you die or are diagnosed with one of the 39 specified critical illnesses during the policy term and are eligible to claim.

Moneyfacts.co.uk have partnered with Torquil Clark Life Insurance to help you find the best life insurance deal.

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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.

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