• Pensions

    Pensions+

    Whether you're saving for retirement or you are facing decisions at retirement, we can help

    View more
  • Savings Planning

    Savings+Planning

    Saving for the future is important and we can help you select the right product to achieve your goals

    View more
  • Mortgage Advice

    Mortgage+Advice

    We are specialists in arranging mortgages for First Time Buyers, people moving home, 'Buy to Let' mortgages and remortgages.

    View more
  • Investment Advice

    Investment+Advice

    Make the most of your money and don't leave it languishing in Building Society accounts

    View more
  • Equity Release

    Equity+Release

    Allows you to access cash tied up in your home - speak to one of our qualified advisers

    View more
  • Protect Insure

    Protect+Insure

    We can shop around for the lowest cost life cover, income protection and critical illness cover

    View more
 

Uninsured women putting families at risk

While we're striving towards a more equal society, statistics show that men still form the majority of main breadwinners, which is why the focus has been on them to get things such as life insurance, income protection and/or critical illness cover. However, recent research suggests that households would only be able to pay the bills for seven months should something happen to the lady of the house.

Underestimated value

The survey from Scottish Widows found that women are underestimating the importance of their role in the household, spending 23 hours per week on childcare and chores outside of their normal working hours. These are important tasks which would be costly to get done with paid support should something happen to the main caregiver – so costly, in fact, that many households would not be able to afford it.

As a result, 76% of women said that their household would struggle to fulfil everyday responsibilities or pay bills if they were to fall ill or die. Women are also less likely to believe that they can live on one income, with 51% believing they can compared with 65% of men.

Underprepared

Despite this outlook, however, 34% of women say they've not taken out life insurance because they don't think they need it, or it's not a priority, while 9% say they'd rather risk not having critical illness cover than take out a policy.

Instead, 25% of women are planning to rely on state benefits should they or their partner be unable to work, with 54% not even having a will or guardianship arrangement in place. Given changes to the Bereavement Support Payment system, this is a highly risky gamble, especially for cohabitees.

What's more, women seem to place a lot more value on their possessions than on their life or health, with 81% having some sort of possessions insurance in place, but only 33% having cover for their own life and health.

Jackie Leiper, protection director at Scottish Widows, commented: "One of the most important things a woman can give her family is security, but financial protection is still too far down the priority list because women simply don't recognise their own value."

Insure your family's future

Jackie continued: "It's crucial that everyone – no matter what stage of life they're at – considers whether they have the right protection in place to ensure their loved ones aren't left coping with financial strain on top of emotional trauma if the worst were to happen. And that applies to working women and full-time mums alike. We all need to recognise the monetary value of women's time and effort in the household, and to safeguard it accordingly."

So, regardless of your gender, if you have people who are depending on you, consider taking out some form of life insurance, critical illness cover, income protection, or combination thereof. It may turn out to be cheaper than you'd think, especially if you combine your cover, and could give your family some well-deserved peace of mind.

Source:  Moneyfacts

Sam: 3rd Oct 2017 14:59:00

 

Latest News

Lenders relax maximum mortgage age
Lenders relax maximum mortgage age If you're an older homeowner, the last few years may have been challenging if you were looking to remortgage your property.

Read More >>

Drawdown investors remain optimistic
Drawdown investors remain optimistic The onset of the pension freedoms gave retirees more choice than ever over how to spend their pension pot, and many are making the most of that flexibility by opting for income drawdown, whereby their pension savings remain invested in the stock market. Yet this in itself can pose risks, particularly given how volatile the stock market can be, but luckily, investors don't seem to be put off.

Read More >>

Equity release lending hits record £3.6bn
Equity release lending hits record £3.6bn 2018 proved to be another record year for the equity release sector, with latest figures revealing that retired homeowners released £3.6bn in property wealth over the year, the highest annual total ever seen – and by all accounts, 2019 could go even better!

Read More >>

Motivation to remortgage at 11-year high
Motivation to remortgage at 11-year high The financial incentive for mortgage borrowers reaching the end of their current fixed rate deal to remortgage to a new deal has soared to an 11-year high.

Read More >>

What's coming up in 2018....

Read More >>

See all News...
  • Pensions

    Pensions+

    Whether you're saving for retirement or you are facing decisions at retirement, we can help

    View more
  • Savings Planning

    Savings+Planning

    Saving for the future is important and we can help you select the right product to achieve your goals

    View more
  • Mortgage Advice

    Mortgage+Advice

    We are specialists in arranging mortgages for First Time Buyers, people moving home, 'Buy to Let' mortgages and remortgages.

    View more
  • Investment Advice

    Investment+Advice

    Make the most of your money and don't leave it languishing in Building Society accounts

    View more
  • Equity Release

    Equity+Release

    Allows you to access cash tied up in your home - speak to one of our qualified advisers

    View more
  • Protect Insure

    Protect+Insure

    We can shop around for the lowest cost life cover, income protection and critical illness cover

    View more