Women undervaluing themselves when it comes to life cover

Women are placing a much lower value on their lives than men when taking our life insurance, research has revealed.

If you have a family, and want to ensure that your loved ones are protected should the worst happen, you can compare life insurance policies with Money Expert.

Research by insurance provider Scottish Provident has found that, when it comes to life insurance, women are devaluing the amount they are worth.

Scottish Provident has said that by placing a low monetary value on their lives, women are potentially failing to properly safeguard the future of their family.

ìIt’s a worrying situation, especially so when you consider factors like the increase in single parent families,î said Jennifer Gilchrist, a senior product development manager at Scottish Provident.

ìIncreasing numbers of women working mean more families are now dependent on a woman’s salary as the main earner in the household.î

The research found that men are typically protecting themselves, with around 50% more life insurance cover than women.

The gap in life cover is relatively low for those in their 30s, with men having an average assured sum of £173,712 ñ 23% more than the £140,886 for women.

But the gap widens significantly for those in their 50s and 60s. It was found that men in their 60s have nearly twice as much cover in place than women.

ìAt the moment we have a situation where females are taking out far less cover than males even though, with women living longer than men, it means that currently life cover for females is much cheaper. But that’s about to change,î added Ms Gilchrist.

ìWith the new EU gender directive coming into force in December, the cost of protection for women is set to rise substantially, with some projecting a rise of around 20%. So we urge women to make 2012 the year in which they act to protect their families’ financial security.î

You can compare life insurance with Money Expert.

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