The latest FCA Financial Lives Survey has revealed a significant protection gap, with 53% of people holding no protection insurance products at all1

 

There are also large disparities between genders, with research consistently demonstrating that fewer women have protection cover – and, when they do, they are covered for less than men. 

 

Time to redress the balance

A report from the International Finance Corporation argues that the pandemic could be a watershed moment in terms of addressing the gender protection gap2.

The disproportionate impact of the pandemic on women, who are more likely to work in severely impacted sectors, has raised awareness of the importance of having a buffer against financial shocks.

Insurers, it continues, must take the opportunity to meet this rising demand with products and advice that take into account women’s needs. 

Protecting yourself and your family

Whether you work part or full-time, are a stay-at-home mum, and/or perhaps care for elderly relatives, protection insurance for women is a crucial part of financial planning for the whole family. 

If you are thinking about taking out protection cover, please talk to us. We can help you find suitable cover for your circumstances.

 

As with all insurance policies, conditions and exclusions will apply.1FCA, 2021, 2International Finance Corporation, 2021

Catch up on our other blog posts:

How does income protection work?

How does income protection work?

Income protection insurance refers to a group of insurance products that help you out financially, if you lose your income due to injury or illness. The COVID-19 pandemic has greatly increased awareness of the importance of having a safety net to fall back on in times...

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Protection and the gender paradox

Protection and the gender paradox

Despite a better understanding of the limitations of state health and welfare support than men, women are less likely to engage with group protection benefits. Its a phenomenon that Legal & General1 have termed the ‘gender paradox’. Despite knowing that state...

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