The Women and Protection report has revealed that while many women have increasing financial responsibility in the household, many are still failing to safeguard their financial security. Some 59% of women have no life insurance in place; while over 84% – some 21 million women – do not hold a critical illness insurance policy.
The majority (53%) of women state 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, while 11% said that they would consider taking out a product if they knew more about the products available and what they covered them for.
Roger Edwards, proposition director at Bright Grey, said: “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.
“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.”