You’ve probably heard about the gender pay gap. You may even have heard about the gender pension gap. But did you know there is also a gender protection gap?
Women are typically less likely than men to have insurance that protects them financially against the risk of being unable to work due to illness or injury. In fact, just 11% of female workers have, or are applying for, income protection insurance in the UK, versus 16% of men, according to research1. Women are also more likely to cancel an insurance policy because they can no longer afford it.
And, according to Scottish Widows2, even women who do have protection insurance are covered for up to 20% less than their male counterparts.
Where does the gap come from?
There are a few reasons why women might be less likely to take out protection insurance, Scottish Widows found:
Closing the gap
If a lack of confidence or knowledge is preventing you from taking out protection insurance, or you are unsure whether or not you can afford it, please talk to us. We’re here to help our clients, both men and women, to access suitable, affordable protection insurance and increase their financial resilience.
1The Exeter, 2Scottish Widows, 2024
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. Financial protection policies typically have no cash in value at any time and cover will cease at