Simmonds Mortgages

Mortgage Brokers covering Berkshire and beyond

Call: 01344 225 149 or 07979 690 056

Mind The Gender Protection Gap

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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.

As with all insurance policies, conditions and exclusions will apply

We can help you!

If you would like more information or help with your mortgage please call us on 01344 225 149 or 07979 690 056. Alternatively please send us an email at info@simmondsmortgage.co.uk

 

Your home may be repossessed if you do not keep up repayments on your mortgage

 

 

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Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.

What our Customers Say...

Your home may be repossessed if you do not keep up repayments on your mortgage.

Simmonds Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.

Registered Office: Simmonds Mortgage Services Ltd, Lexham House, Forest Road, Binfield, Berkshire, RG42 4HP. Registered Company Number: 1152 8784 Registered in England & Wales.

There may be a fee for arranging a Mortgage and the precise amount will depend on your circumstances. This will typically be £399.00 paid once the mortgage offer has been confirmed.

There may be a fee for arranging an Equity Release or Lifetime Mortgage and the precise amount will depend on your circumstances. This will typically be £799.00 and is due on completion of the mortgage.

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