The need for a protection policy when taking out a mortgage is commonly understood, however many other life events that may require additional protection policies such as starting or ending a relationship, motherhood or changing job which are often overlooked.
The Coronavirus pandemic has highlighted differences in attitudes between men and women with regards to protection policies such as life insurance and income protection.
The Coronavirus has put our health in the spotlight, and it has highlighted the need for adequate protection policies.
49% of women were worried about the risk of the virus compared to just 36% of men2. Despite their concerns, women are less likely to take out protection policies than men. Only 6% of women have income protection compared to 10% of men. 10% of women have critical illness insurance compared with 13% of men3.
It was also found that when women take out cover, the amount of cover they take is much lower. On life insurance, women take 53% less cover than men while on critical illness insurance, women take out 90% less cover4.
Find the right protection policies for you
To discuss which protection policies you need in place or to review any existing protection policies, book a no-obligation meeting with one of our financial advisers on 0117 973 0500.
1World Health Organisation, June 2020
2Ipsos MORI survey of 1,000 British adults aged 16-74 conducted between 11-14 June 2020
3,4LifeSearch survey of 2004 UK adults, February 2019