One in three women protected by life ass

One in three women protected by life assurance

Two in three women have never taken out a life assurance policy, according to a survey from insurance and pensions provider Friends Life.

It compares to half of men who have held life cover at some point in their life.

Life assurance policies typically pay out a lump sum or provide regular income to dependants in the instance of injury, illness or death of the policy holder.

According to the survey, women are far less inclined than men to take out life cover, with a third of women saying they would never even consider purchasing a policy. However, a quarter of women surveyed would consider purchasing a policy in the future.

When questioned, 30 per cent of women said they did not consider this type of protection to be a current priority, while 27 per cent said they could not afford it.

The survey has prompted Friends Life to call for greater engagement between the life insurance industry and women in particular.

Steve Payne, managing director at Friends Life said: “We are encouraged to see that a healthy percentage of those who have never held life policies are considering one, but as the modern world throws up so many uncertainties, it is important that both men and women look at options to provide financial security for themselves and their family in case the worst happens.”

“It is also important to remember that some group life policies, available through many people’s places of work, offer opportunities to additional protection, either for themselves or for their partner or spouse. For those eligible for cover under their employer’s flexible benefit scheme, ensuring all members of the family are covered needn’t be difficult.”

We can advise on life assurance and other protection policies.

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