There have been many discussions on the subject of female gender pay gaps and also how women are less likely to have stocks and shares investments than the safer but far less profitable cash ISAs.
Now it seems a recent study has also highlighted the fact that women are less likely to take out any kind of protection insurance (ie life, income protection, medical, mortgage etc) and, if they do, are likely to insure themselves for up to 33% less than their male counterparts.
The Chartered Insurance Institute (CII)s report on Insuring Women’s Future discovered that women tend to face different kind of risks from men, such as those from divorce or separation.
Johanna Haigh, a Financial Adviser at leading Herts-based financial management and financial planning company Lyndhurst Financial Management says
“In general, women still tend to earn less than men over their working lives and acquire fewer financial assets. However, this does not stop them needing valuable cover should the worst happen, ensuring themselves and their dependants are protected.”
The report highlighted six key ‘moments that matter’ in women’s lives
- 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
“The insurance industry has at last recognised that women have a number of different needs to men and they are creating policies which represent this differential. We would always advise women to seek professional financial advice to help them make the best decisions for their financial future.”