Working women failing to protect themselves or their families

Published ¤ 25/02/2011 13:44:40

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Nearly half (46%) of working women describe themselves as the main earners in their family, yet a report from Bright Grey suggests that women are actually less likely than men to have financial back-up should they suddenly be unable to work.

Despite females bucking the traditional trend of males being the financial decision-makers it appears they are failing to financially protect themselves as over half (53%) of working women admitted that they have no life insurance cover in place, a product that is aimed at protecting their families in the event of their death. Over four in five (84%) working women do not hold income protection products, while a similar number of working women (78%) do not hold either a critical illness policy or private medical insurance (81%).
Roger Edwards, proposition director at Bright Grey said: "As earnings levels even up and the level of financial responsibility in households is more equally divided, women could be putting themselves at risk by not protecting their income – especially if a household is dependent on their salary.
"Bright Grey is calling for women to have adequate financial protection in place for themselves and their families. By buying a protection product that pays out if they are unable to work due to a serious illness or disability, women can ensure they protect both their household income and current lifestyle. There are various affordable protection options in the market, and it is critical that women in the UK who are increasingly running their household finances are protected."
Paul Skinner from PKS, an independent mortgage & insurance broker in Odiham near Basingstoke, Hampshire, commented "At PKS, we strive to provide equality when it comes to protection - not only is it important for working women to protect themselves and their families adequately, but far too often the role of a non-working parent is over-looked. In research from Legal & General, it was shown that to replace all the roles of a mother could cost in excess of £30,000 per year (click here to read the article). It is therefore essential that, not only is the main bread-winner protected, but also any non-working parents.
"All too often, an adviser will have a discussion with the main earner in a family, and make all the decisions based around their income, however, we belileve a more holistic approach is required to ensure a family is totally protected."
To have a FREE chat about how to protect your family, call PKS on the number at the top of page. Or to find out just how cheap in can be to cover you and your family, take a look at our online protection comparison tool.

PKS is authorised and regulated by the Financial Services Authority in respect of mortgage and general insurance business only.
Registered address: 10 Addison Gardens, Odiham, Nr Basingstoke, Hants RG29 1AS
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