Having just celebrated International Women’s Day, many surveys acknowledge the growing significance of women in the workforce. In 2016, women made up 47 per cent of the UK workforce with 80 per cent aged 20 to 54. Of these 5.8 Million work part-time, usually returning to work after having children or time spent studying.
Today there is an increasing number of dual income households, due to the high living costs associated with servicing debt, meeting childcare fees and maintaining a reasonable lifestyle. In many cases, both partners do not have income protection, , only one in 10 working-age families has this cover in any form, compared with the 23% of households who have bought a pet medical policy.
Despite the fact that they make up almost half of the work force woman often foregoing this cover. This is often due to affordability issues and the relative cost of income protection policies for woman. Speaking in general terms many woman spend less years working. Spending less time in the workforce means fewer savings, less Superannuation, and less of an ability to recover from financial setbacks. This often means that woman have to spend more on insuring their income than man.
Whilst I acknowledge that this represents an equality issue I think the fact that so few woman take up income protection policies is a bigger issue. The above information highlights that the need to insure your income is as important to women at work as both source of income are often vital.
According to the ABI, one million workers a year find themselves unable to work due to a serious illness or injury. It doesn’t matter whether you are male or female– if illness would mean you couldn’t pay the bills, you should consider income protection insurance.
I hope this is helpful in terms of clarifying the subject and considerations. You can read more about the type of insurances available to you here. Should you need some advice I am always happy to speak with you so get in touch.