Big gulf compared to men in spite of increasing financial responsibilities
Women "drastically" under-insure themselves when it comes to taking out protection cover, according to statistics released today.
And the problem is set to get worse as new EU rules on gender-based pricing for insurance come into force later this year.
Figures compiled by Scottish Provident, the insurer, suggest that men typically protect themselves with around 50% more life cover than women. Although the gap is “relatively small” to begin with – 23% among those in their 30s – it gets progressively wider and becomes a “significant gulf” for those in their 60s, when men have almost twice as much cover in place, Scot Prov said.
A new EU gender directive which comes into force in December means that the cost of protection for women is set to rise substantially, with some commentators projecting a rise of around 20%. As a result, Jennifer Gilchrist, senior product development manager, at Scottish Provident, said 2012 should be the year in which women act to protect their families’ financial security.
Research shows that women are increasingly becoming the primary household earners in the UK and elsewhere in the Western world.
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