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Ensuring you are insured!

In recent years we have read lots about women earning on average less than their male colleagues and, in our last newsletter, we referenced some alarming research which suggested that women’s pension funds are on average a lot less than men’s. 

Now, alongside the gender pay and gender pensions gaps, emerges the gender protection gap. Recent research from insurance provider Zurich has found that women are underinsured compared to men and it might be the biggest chasm yet. 

According to Zurich’s study, women are less likely than men to have protection insurance. Those women who do have protection insurance are more likely to insure themselves for less; almost a third less, in fact. 

In its Insuring Women’s Future report, the Chartered Insurance Institute (CII), found that women face different risks from men in addition to being under-insured, including risks from divorce or separation where women tend to have lower earning and few financial assets than men. 

The CII identified the following six 'moments that matter' in women's lives and there is arguably a need for certain types of insurance during each stage:

  1. Growing up, studying and re-qualifying
     
  2. Entering and re-entering the workplace
     
  3. Relationships: Making and breaking up
     
  4. Motherhood and becoming a carer
     
  5. Later life, planning and entering retirement
     
  6. Ill health, infirmity and dying

When considering your financial situation it can be very easy to let your protection needs slip under the radar, as focus on investments, retirement and tax planning often takes precedence. 

However, I can’t emphasise just how important it is to consider what the impact would be on you or your family if you became unable to work due to illness, injury or even death. Getting the right amount of cover in place will ensure that you are protected in that worst-case scenario.  

If you would like to talk about your protection planning needs please feel free to give me a call or drop me an email.