Friends Life has revealed that women still have less protection than men, despite making more claims.
Women continue to trail significantly behind men when it comes to taking out critical illness protection cover, despite the fact that they made more claims than men last year, according to new data from Friends Life.
The research into 222,500 current Friends Life critical illness customers is being released as part of the insurer’s month-long focus on gender starting in September. The ‘SeptGender’ campaign has been launched to highlight the need for women to think more carefully about their financial security.
Analysis of Friends Life’s critical illness customers shows an overall gender split between policyholders of 58% men to 42% women. However, despite the fact women hold only 42% of critical illness policies, they account for 51% of all critical illness claims made in 2012.
Steve Payne, managing director of Protection at Friends Life, said: “With so many of the adult population in a relationship, financial planning decisions are largely taken in the context of a family unit. Interestingly, it is quite often the woman for whom protection insurance is most beneficial.
“Where the male is the breadwinner of the family it is she and her children who will benefit most. Where the woman is the breadwinner of the family, it is vital that she protects her income and her family.”