Women see Life Insurance as more important than men
The latest NobleOak survey shows more women (67%) have Life Insurance than men (43%) proving women prioritise the safety and well being of their family.
Despite on average earning less than men, and making up the largest percentage of the part-time workforce, it’s evident women see the importance of Life Insurance and Income Protection Insurance more than men.
In addition, more women (68%) are likely to have Life/Death cover, compared to 50% of men. Women also see the value of Total and Permanent Disability Insurance, with 52% likely to have cover, well ahead of their male counterparts (34%), while 46% of women are likely to have Income Protection cover, compared to 32% of men.
Unfortunately, accidents happen. Our research shows that women understand this and are more likely than men to seek the security of Life Insurance or Income Protection Insurance if a tragedy or serious accident were to occur.
A financial safeguard
There are not many families whose financial circumstances are such that they could continue their former Lifestyle unabated in the wake of an unexpected death or serious illness – of either partner.
Nothing can ever make up for the sudden loss of a loved one. But having adequate Life Insurance cover in place for both the main income earner, and stay at home partner can help take the financial burden away while you deal with the loss.
In the event the main income earner were to die or become seriously ill, the payout from their Life Insurance cover could avoid potentially devastating consequences, such as the loss of the family home. It could also provide a financial cushion to assist while the stay-at-home partner locates paid employment, or while other avenues of income are considered and put in place.
If the stay-at-home partner were to die or become seriously ill, the lump sum can be used to cover the cost to hire someone to look after the home and children avoiding the need for the main income earner to have to juggle taking care of the family as well as continuing to work.
Not sure what type of cover you need?
Buying Life Insurance can be complicated and if you’re not sure what type of cover you need and how much, you can use NobleOak’s online Life Insurance calculator. It only takes 5-10 minutes to complete and you’ll receive a personalised report at the end. And it’s free! Click here to start using the Life Insurance Calculator.
Pureprofile Research December 2017