Data from financial software firm IRESS has revealed a substantial difference in protection sums assured across the gender divide, raising concerns that women are at risk of being underinsured*. Although the gender pay gap means that a certain divide may be expected, IRESS confessed itself surprised by the extent of the differences.
Although the research reported the number of men and women taking out protection insurance to be broadly similar, the sums assured for each gender differed. For life and critical illness cover, the sums assured for men were found to be 50% higher.
The disparity for critical illness cover was typically 90%, with the average male sum assured being £10,985 against £5,790 for their female counterparts.
Do you have the right cover?
Protection cover should be a fundamental part of people’s financial planning and needs to be regularly reviewed. If you are concerned that your level of cover may not be adequate, get in touch to review your protection needs.
*IRESS, July 2019
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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