According to research, women are increasingly becoming the primary household earners in the UK and the Western world. Why aren’t more of them taking out life and health insurance to protect their families financially?
Scottish Provident, a leading insurance provider, took part in the Customer Impact Scheme 2011. The Customer Impact Scheme is an annual survey of around 34 financial service providers targeting 21,000 customers about their experiences. The results showed that men generally protect themselves with more insurance cover than women.
The research revealed, among people in their 30s, 23% of men have more life insurance than women. The difference is even more apparent among respondents in their 60s, when men have almost twice as much life cover than women.
Women need to buy insurance in 2012
In December 2012 new EU gender legislation will come in affect. This will prohibit gender “discrimination” when assessing applicants for insurance coverage. As of December this year, men and women will not be treated differently on applying for insurance.
To avoid possibly paying higher premiums women should automatically renew their existing insurance policies or buy health protection before 21st December. The cost of protection for women is expected to rise drastically, with some experts predicting a 20% increase.
With this in mind women should consider 2012 to be the year they fully protect themselves and their families.