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
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