The shifting landscapes of a recession-hit society has seen women take on increasingly more important financial responsibilities in households throughout the nation, as men continue to suffer higher rates of redundancies than women.
According to a study conducted by AXA, 27% of women with dependent children handle family mortgage payments on their own, 30% pay the household bills, while 25% provide for the children’s education. For women with no dependent children, 36% makes all mortgage payments and one in three looks after the council tax, electricity and gas bills.
In fact, AXA predicts that by 2030, one in four women will command the higher salary in their household, making them the bread-earners-in-chief for their families.
Yet, despite their rising financial responsibilities towards their families, according to AXA’s study, only 38% of British women have life insurance. Currently, only 18% of women with dependent children have critical illness cover, compared to the 13% for women without dependents.
Although almost one in three consider life and critical illness covers unnecessary, AXA’s statistics reveals the grim reality. About 10% of women with a life and critical illness combined policy cover will make a claim before the policy expires. One in 25 women with life insurance cover will die before the end of the policy.