Mind The Gender Protection Gap
Recently released figures by technology firm, IRESS, show a significant difference in protection sums assured between men and women. This data has raised concerns that women are at risk of being underinsured, when compared with their male counterparts.
The analysis found no substantial gender difference in those arranging protection cover, with women accounting for 46% of protection sales and men 54%. However, it did reveal variations in the respective sums assured. For example, male sums assured for critical illness cover were 90% higher than female sums assured at £10,985 and £5,790 respectively. For combined life and critical illness cover, the difference was 50% and for life cover only it was 53%.
To a certain extent, the gender pay gap and other societal factors can explain these differences in sums assured, but the extent of the gender gap is surprising. As well as a concern that women may be underinsured, there is a general issue of potential underinsurance for both sexes. With the average UK hourse price standing at £232,710, it may be expected that levels of life cover would be close to this figure. Instead, the average sum assured being arranged in 2019 for men is £129,033.53 and £103,758.69 for women.
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