Research shows that more women are responsible for paying the mortgage, but many don’t have insurance.
Around one in 20 people make a claim on life insurance but one in seven claim on insurance to cover illness. Have you got your financial priorities right?
A rise in the number of single person households combined with the fact that the gender pay gap is closing means that an increasing number of women are responsible for the majority of the household finances. Not just sorting out the payment but, in around 25% of cases, paying them themselves. The insurer AXA predicts that by 2030 one in four women will be the main breadwinner in the household. But while women are happy to take on more financial responsibility, we’re less likely than men to take out insurance in case we can’t work or are ill.
Depression affects twice as many women as men and it can increase the cost of some types of insurance.
One financial consequence of depression is that you might find it harder or more expensive to get insurance, but it’s not always the case.
Depression is often misunderstood but it can be a serious illness, affecting twice as many women as men. Most of us have bad days but severe depression can last for months and leave you unable to function (and certainly unable to work). Just as depression is misunderstood, so are its effects on your ability to get insurance. It’s true that there are times when insurance companies will either exclude depression from cover or ask you to pay more for your policy, but there are other situations where your premiums and cover may not be affected at all.
You may have life insurance to pay your mortgage if you die, but what if you became seriously ill instead?
Critical illness insurance is designed to pay out if you become seriously ill, but it can be expensive. But is it worth it?
Women are more likely to suffer from a serious illness than men and a serious or life-threatening illness can have can have devastating consequences on your finances. Critical illness insurance, which pays out a tax-free lump sum if you’re diagnosed with a serious illness, might seem like the answer. These policies can be expensive, but opting for the cheapest one may not be give you the cover you want. If you’re going to buy critical illness insurance, My recommendation is to take advice from a broker or adviser who specialises in this market.
