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Oct 13 2015
Women’s Income Protection – Women not giving themselves adequate cover

Posted by Ian Johnston

Income Protection – Women not giving themselves adequate cover

As equality between men and women in the workplace becomes ever closer, it is apparent that, despite being the bread winner, many women are not protecting their incomes with a comprehensive women’s income protection policy to safeguard them if they are suddenly out of work.

Whilst the general levels of employment for women in the UK’s workforce continues to increase, there are concerns that, despite this positive step, many women are not prepared for the potential financial fallout of the impending recession as large numbers have no form of income protection as part of their life insurance policy and are not in a financial position to deal with the sudden loss of their job. According to research released by AXA, as many as half of the women in today’s workforce aren’t adequately covered with income protection and life insurance policies that will help them recovery from the financial set-back of losing their job or no longer being able to work, through illness or injury. It is not just income protection that the female workforce seems reticent to sign up for as the findings revealed that it is a similar case with other financial protection schemes such as life insurance policies and critical illness cover. As such, many female workers will look to address this situation in 2015 by speaking to specialist income protection and life insurance providers who will be able to help safeguard them against the financial unpredictability which is likely to be encountered over the next 12 months.

Income Protection – Taking Responsibility

It is clearly apparent that more and more women are the ones responsible for the principle income in their household but this isn’t something that is reflected by the numbers who have a sufficiently comprehensive income protection policy in place. The extent to which this is the case is borne out by the fact that it is estimated that by 2018, there will be more women of a working age than men of a working age and now would seem to be the ideal time to investigate the applicability of financial protection schemes such as life insurance and income protection because the UK’s economy is patently fragile at present.

Income Protection – The Consequences of Illness

Of course, no one can know for sure if and when they will succumb to illness but it is prudent to have a policy in place, such as income protection, if such a circumstance does occur and you discover that your capacity to work is diminished. There is now a considerable need for women in the workplace to ensure they have the right cover and insurance expert, Ian Mallon, states, “The ‘noughties’ is an era in which women have greater control than ever before over their lives and their finances but they are still failing to recognise their own financial and lifestyle developments in their protection cover. Unlike during the 1970’s, women becoming ill and unable to work now could have significant financial implications for the whole family.”

Looking for Income Protection? Speak to The Insurance Service

The Insurance Service   is one of the UK’s leading independent providers of insurance policies and was set up by Ian Johnston who has over 10 years experience as an insurance broker. The Insurance Service’s ethos is that it strives to provide fair insurance policies in an industry dominated by a small number of major providers and decided to give more choice to those seeking insurance policies. To find out more about the health insurance and income protection policies available from The Insurance Service, just call 0845 053 3404 or fill in the online enquiry form.

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