Alongside the gender pay and gender pensions gaps emerges the gender protection gap. Women are underinsured compared to men and it might be the biggest chasm yet.
According to a Zurich study, women are less likely than men to have protection insurance and, for those who do, more likely to insure themselves for less. Almost a third less.
But it’s not all about the numbers. Women are subject to a variety of different risks to men that need to be taken into consideration.
These include risks from divorce or separation, where women may have lower earnings and fewer financial assets than men, and a ‘motherhood and caring penalty’, with women putting careers on hold to be primary carers to their children and parents.
The six key moments in women’s lives when it comes to insurance are:
- Growing up, studying and re-qualifying
- Entering and re-entering the workplace
- Relationships: Making and breaking up
- Motherhood and becoming a carer
- Later life, planning and entering retirement
- Ill health, infirmity and dying
And, as advisors we take responsibility in finding insurance plans that suit both men and women and treat each individual in a bespoke fashion.
It’s important that everyone understands their personal insurance needs and how to protect themselves for the future.