In a survey of 2,000 UK adults, a third (32%) of women said they do not have life insurance , twice the number of men (16%).
A new report has found that women have significantly less insurance cover than men.
In a survey of 2,000 UK adults, a third (32%) of women said they do not have life insurance , twice the number of men (16%). More than a fifth of female respondents did not think they could afford it, versus just 10% of men who expressed affordability concerns. This disparity may be due to a lack of education, with 29% of women saying they have never been taught about life cover compared with 18% of their male counterparts. Moreover, three in ten (29%) women aren’t sure what support life insurance would provide to their loved ones if they died.
The report indicates that many people remain unsure about life insurance ; what it is, what it can be used for, its benefits and its role in protection, estate planning and retirement.
Let’s break it down: What is life insurance?
At its core, life insurance is a financial safety net. If the worst were to happen, it can provide a lump sum or regular payments to your loved ones, helping them cover expenses like mortgage repayments, childcare, education costs, or simply maintaining their standard of living.
What are the different types of cover?
Life insurance isn’t one-size-fits-all. There are different policies available, including:
- Term life insurance – covers you for a set period of time.
- Whole-of-life insurance – lasts for your entire life and pays out whenever you die.
- Family income benefit – instead of a lump sum, this provides a regular income to your family.
- Critical illness cover – pays out a lump sum if you are diagnosed with a serious illness, helping you manage household bills, treatment costs, or time off work.
The right type of cover depends on your circumstances, financial commitments and what you want to protect.
Why does life insurance matter?
Many people underestimate the impact of not having cover. Without it, your family could struggle with mortgage payments, bills, or future costs. Having protection in place isn’t just about finances — it also brings peace of mind, knowing your loved ones would be supported.
Talk to us
There’s no need to feel ashamed about what you don’t know as it’s never too late to get informed. We’re here to answer any questions you have. With the right cover in place, you could safeguard your family’s future if the worst happened.
There’s no need to feel ashamed about what you don’t know — no question is a silly question. As part of your protection review, we’ll go through what life insurance is, the different types of cover and policies available and make sure that you understand what’s out there.
We also have some free brochures available to download which you may find helpful. With the right cover in place, you can safeguard your family’s future if the worst happened.
A Guide to Life Insurance Brochure
As with all insurance policies, conditions and exclusions will apply
Sources:
https://www.actuarialpost.co.uk/article/women-twice-as-likely-to-not-have-life-insurance-as-men-25112.html
https://www.yourmoney.com/insurance/mind-the-life-insurance-gender-gap/
https://www.fca.org.uk/financial-lives/financial-lives-2024
