Ensure women get the cover they need

7 June 2010

Research by AXA shows that 50% of women have taken out some form of protection because they have got a mortgage recently.

The research highlights two things. First, buying a home or remortgaging is the biggest reason for women to take out protection and second, more women are taking out mortgages.

But research by IFA Promotions also shows that women are more confident in arranging mortgages without advice than they are attempting a DIY haircut.

There is a big gap in the advice market, with more households becoming dependent on female breadwinners who are comfortable self-directing when it comes to big decisions.

Also, the number of women over 40 becoming mothers has almost trebled in the past 20 years. This means their dependents will be financially reliant on them into their old age

So why are women less likely to protect themselves than men? Our research shows that women only take out protection when they sign up to a mortgage because they take advice. Over a third of women don’t think they need any cover.

Historically, there may have been merit in this argument on the basis that women stayed at home while men went out to work and nobody considered the value of the domestic role.

But with an increased number of women taking out mortgages and returning to work after having a family, it’s time to ensure they are aware of their protection needs.

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