Having recently read an article from Zurich discussing the gender protection gap, it got us thinking. Have we seen a gap within our own client base? And if its there are the reasons similar to those raised? In short the answer does seem to be yes, so we thought this blog may spread the word further.
Stating the gender protection gap is alongside gender pay and gender pension gaps, Zurich claim the protection deficits may be the biggest chasm yet. It states: “women are less likely than men to have protection insurance and, for those who do, more likely to insure themselves for less. Almost a third less.”
Whilst this does seem like a bold statement, we are inclined to see reasoning behind its justifications. Divorce and separation effects are raised, however the boldest claim states women may be suffering from a ‘motherhood and caring penalty’ with women putting careers on hold to be primary carers to their children and parents.
It is this that makes us think women need to seek impartial advice to ensure any protection products purchased protect the family, not just the main breadwinner. Products are now being marketed to offer core and select options across its upgraded critical illness and new income protection propositions.
Zurich claims that this flexibility can also aid more single parents to participate in protecting their dependents rather than being priced out.
Further considerations raised centred around joint life insurance policies, so, if there is a divorce or separation, either party can get the same level of cover on a single life bases without underwriting.
We’re keen to make sure families understand the options available to them. Working with you and your family to find the best-fit product, we at Fairfield Financial Solutions will offer the best advice we can. Just give us a call.